December 5, 2022
According to survey results from S&P Global, Greece’s industrial activity declined for the fifth consecutive month in November as a result of significant drops in output and new orders combined with inflationary pressures.
The manufacturing sector’s seasonally adjusted Purchasing Managers’ Index, or PMI, increased marginally from 48.1 in October to 48.4 in November.
Any score below 50, however, indicates that the industry is contracting.
Due to sluggish domestic and international demand, overall new orders and output decreased. Because of fewer new sales, businesses again cut back on their employees, which resulted in a reduction in work backlogs.
Despite slowing since October, the rate of cost inflation was still high compared to previous years due to ongoing increases in the cost of energy and raw materials.
Both pre- and post-production inventories were depleted as a result of cost-cutting initiatives.
Due to increased investment and increased demand, Greek manufacturers were more upbeat about the future in November.
Source: RTT News
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