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FX.co ★ Greece Manufacturing Growth Accelerates Sharply In April

Greece Manufacturing Growth Accelerates Sharply In April

Greece's manufacturing activity expanded at a faster pace in April, survey results from IHS Markit showed on Tuesday.

The manufacturing Purchasing Managers' Index rose to 54.4 in April from 51.8 in March. A reading above 50.0 indicates expansion in the sector.

Overall growth was also the sharpest since February 2020, before the outbreak of the COVID-19 pandemic.

New orders increased in April, while new export sales declined further. Production grew in the beginning of the second quarter.

The number of workforce increased in April and backlogs of work continued to decline. Suppliers' delivery time lengthened.

Output charges rose at the quickest rate since the survey began and cost burden of manufacturers increased sharply in April.

Business confidence improved in April, as the degree of optimism reached the highest since February last year with the hopes to an end to Covid-19 restrictions and stronger client demand.

"Concurrently, our latest forecast anticipates a 2.8 percent expansion in industrial production through 2021," Sian Jones, a senior economist at IHS Markit, said.

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