Monday November 24, 2014 Search
Weather | Athens
14o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek factory activity grows for second straight month in Feb - PMI

By Karolina Tagaris

Greek manufacturing activity expanded for the second consecutive month in February, boosted by a rise in output and new orders, a survey showed on Tuesday.

In January, Greek factory activity marked its first expansion since the country's debt problems came to light in 2009 and plunged the eurozone into a debt crisis.

Markit's purchasing managers' index for manufacturing, which accounts for about 10 percent of the Greek economy, rose fractionally to 51.3 in February from 51.2 in January, slightly above the 50 line dividing growth from contraction.

Greece has been stuck in a six-year, austerity-driven recession that has shrunk gross domestic product (GDP) by about a quarter and driven unemployment to record highs.

Athens and its international lenders expect the 183 billion euro economy to pull out of recession this year, projecting anemic GDP growth of 0.6 percent. The country's central bank sees growth of 0.5 percent.

"Solid growth in output and new orders meant that headline PMI was in expansion territory for a second consecutive month in February, the first back-to-back readings above 50.0 for almost five-and-a-half years," Markit economist Phil Smith said.

Export orders were also up in a sign of improved competitiveness, he said.

Production at manufacturers rose for the fourth successive month in February and at the fastest rate since August 2008, the survey showed, while new orders rose for the third time in as many months and at the most marked pace since May 2008.

However, manufacturers continued to shed jobs in February despite a solid rise in demand. The pace of job shedding was slightly faster than the previous month and businesses often left voluntarily vacated positions unfilled, Markit said.

Greece's unemployment rate is more than twice the average for the eurozone, hitting a record 28 percent in November. [Reuters]

ekathimerini.com , Tuesday March 4, 2014 (14:54)  
Traders eye developments with creditors
ILO calls for urgent action in Greece to create jobs, tackle social problems
Draghi urgency for ECB action gets final reality check
Greece to scrap need for permits in some 900 professions
Greek air traffic controllers say they will join Thursdays general strike
Greek air traffic controllers said on Monday that they will take part in Thursdays general strike, which is likely to lead to disruption at the countrys airports. The strike has been calle...
Livestock breeders to protest in central Athens on Tuesday
Greek livestock breeders are due to protest in central Athens on Tuesday in the hope they will be able to secure a meeting with officials from the Agriculture Ministry. The farmers are due t...
Inside News
BASKETBALL
Olympiakos ends PAOKs unbeaten run in Basket League
Olympiakos put an end to PAOKs unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Traders eye developments with creditors
2. Greek air traffic controllers say they will join Thursdays general strike
3. ILO calls for urgent action in Greece to create jobs, tackle social problems
4. Livestock breeders to protest in central Athens on Tuesday
5. Draghi urgency for ECB action gets final reality check
6. Greece to scrap need for permits in some 900 professions
more news
Today
This Week
1. Scientists expand excavation of ancient Amphipolis
2. Greek officials to meek troika chiefs in Paris to break review stalemate
3. EU said to plan 21 billion-euro risk-sharing fund for investment
4. Biden informs Anastasiades about content of talks with Erdogan
5. Police seek to name man who opened fire with AK47 at Piraeus bar
6. Countdown to missed opportunity for EU economy
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Give Greece a chance
6. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.