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Greek Manufacturing Begins Growth

Α survey by Markit financial information service shows signs of life in Greek factory activity.

Barring a slight contraction in March, Greek manufacturing activity has been expanding this year for the first time since mid-2009.

Markit's purchasing managers' index for manufacturing, which accounts for about 10 percent of Greece's economy, eased to 51.0 in May from 51.1 in April, staying above the 50 line dividing growth from contraction.

"The PMI remained on the right side of the 50 mark, signalling steady albeit unspectacular growth at factories. A better performance on the export front aided increased sales in the domestic market," Markit economist Phil Smith said.

Manufacturing production of consumer and intermediate goods expanded at a slightly slower pace compared to April, helped by a rise in new orders and export sales.

Data showed a modest rise in manufacturers' average purchase prices of raw materials such as glass and plastics, the first record of cost inflation in four months.