Greek Exports & Factory Works Drop
The Greek manufacturing sector's efforts have decreased this May, for the ninth consecutive month this year, according to an analysis released today.
The study revealed that production and export orders have dipped, resulting in job cuts among agencies. Markit's purchasing managers' manufacturing index increased to 48 in May, compared to the previous month's 22 month low, marking 46.5; these figures are below the 50 value mark that determines growth.
Markit economist Phil Smith described, "The manufacturing PMI continues to point to a downturn in the Greek economy. May's was the ninth successive sub-50 reading, albeit the rate of decline was slower than in April."
Smith added, "The weaker euro is driving up costs but businesses aren't seeing the benefit of an increase in competitiveness, with the uncertainty that hangs over the country stifling demand."
(Source: Reuters)
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