Greek manufacturing sector contracted for the forty-third consecutive month in March, data from a survey by Markit Economics showed Monday.
The seasonally adjusted purchasing managers’ index for the manufacturing sector dropped to 42.1 in March from 43 in February. The index stayed below the no-change 50 mark – which separates growth from contraction – for the forty-third successive month.
Production decreased sharply during the month, and at a faster rate than in the previous month, driven primarily by declines in output across both the intermediate and capital goods sub-sectors.
New orders received by goods producers declined at a sharp and accelerated rate in March, due mainly to a general fall in demand from both the domestic market and the export market.
In line with the fall in activity, firms lowered their employment levels at the fastest pace so far this year.
Input price inflation eased for the third straight month, and to the lowest level since November 2009. At the same time, output prices fell markedly, due mainly to competition and associated promotional activity.
by RTT Staff Writer
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