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Greek manufacturing expands in November, speediest hiring in 18...

Greek manufacturing expands in November, speediest hiring in 18…


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ATHENS, Dec 1 (Reuters) – Greek manufacturing activity continued to expand in November with rising demand and a robust increase in new orders leading firms to hire staff at one of the fastest rates in the last 18 years, a survey showed on Friday.

Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10 percent of the economy, rose to 52.2 from 52.1 in October, marking a sixth straight month of improvement. Readings above 50 denote expansions in activity. Rising demand at home, coupled with increased export orders, were the main drivers behind the sector’s continued expansion. „Growth was driven by the strongest rise in new orders since February 2014, which in turn contributed to the sharpest round of job creation for 18 years,“ said IHS Markit economist Alex Gill.

„These are encouraging signs for the Greek economy which has suffered from both a chronic lack of demand and an exceedingly high rate of unemployment,“ he said. Greece’s jobless rate soared after the country succumbed to a debt crisis from 2009, leading to a prolonged recession and multiple state bailouts.

At 21.1 percent in the second quarter, rate is the highest in the euro zone. The government projects unemployment will fall to 18.4 percent next year, targeting 2.5 percent economic growth. Manufacturers added workers in November, citing higher production targets as the main reason. Firms also raised their input purchases for the fifth time in as many months.

Firms continued to face sharp input price inflation on the back of higher raw material costs. But business confidence remained firmly positive as creditos rapidos sin aval (Recommended Browsing) regards prospects of growth in the coming 12 months. The survey showed that the availability of credit was among the prestamos con asnef – Recommended Browsing, reasons supporting the optimistic outlook.

- Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. To subscribe to the full data, click on the link below: creditos rapidos y seguros rapidos sin papeles (Recommended Browsing) website For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com (Reporting by George Georgiopoulos)

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