Greece Manufacturing Sector Shrinks In February

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Greece’s manufacturing activity contracted in February, survey results from IHS Markit showed on Monday.

The manufacturing Purchasing Managers’ Index decreased to 49.4 in February from 50.0 in January. A reading below 50.0 indicates contraction in the sector.

Output and new orders deteriorated in February. New export orders declined further and the rate of contraction was the slowest since September last year.

The rate of cost inflation rose for the seventh straight month in February to the sharpest since October 2000. The rate of charge inflation was the fastest since July 2008.

Backlogs of work increased at a sharp pace in February and the number of workforce increased fractionally.

The 12-month outlook remained optimistic with hopes of successful vaccine roll-out.

“Our current forecast expects industrial production to increase 2.1 percent in 2021,” Sian Jones, economist at IHS Markit, said.

The material has been provided by InstaForex Company – www.instaforex.com

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