Greek Factory Activity Deteriorates Further
Thursday, 03 May 2012 | 14:30
Greece's manufacturing sector performance worsened further in April, according to the latest survey by Markit Economics.
The headline purchasing managers' index, a composite indicator designed to provide a single-figure snapshot of the performance of the manufacturing economy, fell to 40.7 in April from 41.3 in March.
A reading below 50 suggests contraction of the sector. The index implied a steep and accelerated deterioration of Greek manufacturing business conditions in April.
Production and new orders continued to fall markedly. April saw another reduction in employment, at a pace that matched March's three-year record.
"April proved to be another difficult month for Greek manufacturers, with latest data again showing steep contractions across a number of key variables measured by the survey," Markit's senior economist Paul Smith said.
"At present, it remains hard to see how these issues can be solved suggesting that the manufacturing sector is set for continued struggle in the months ahead," the economist noted.
Source: RTT News
There are no comments available.