Saturday November 29, 2014 Search
Weather | Athens
16o 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)  
Q3 growth was bigger than thought
Who will pay for the states ADMIE stake?
Christmas budgets slashed due to higher taxes, healthcare costs
Finance Ministry inundated with applications for debt settlement
Venizelos extends invite to Turkey at start of visit
Foreign Minister Evangelos Venizelos arrived in Ankara Friday night for two days of talks. Ahead of his visit he sought to make it clear that Greece is prepared to discuss maritime issues wi...
Vatopedi trial for 14 suspects
The Supreme Court decided Friday that 14 people should stand trial for the notorious property swap between the Vatopedi Monastery and the state six years ago. Those who will face charges of ...
Inside News
BASKETBALL
One more emphatic win sees Panathinaikos make top 16
Panathinaikos has mathematically qualified to the top 16 of the Euroleague after another emphatic home win, this time against Bayern Munich, with an 87-72 score on Friday. Given the changes ...
SOCCER
PAOK is one win from Europa Leagues last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
Inside Sports
COMMENTARY
Change of US president wont mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. One more emphatic win sees Panathinaikos make top 16
2. Venizelos extends invite to Turkey at start of visit
3. Vatopedi trial for 14 suspects
4. New proposals on way to troika
5. Cabbie who carried shooter claims he was threatened
6. Govt urged to allow Syrian refugees to move on
more news
Today
This Week
1. Change of US president won't mean change of foreign policy
2. Child molester suspect photo released by police
3. Greek economy expands 0.7 pct q/q in Q3
4. Lebanese FM: Cyprus may be jihadi transit point
5. Athens water supply 9-month profit falls 45 pct on lower charges
6. Armed man arrested on Thessaloniki campus
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Coscos Greek unit adds multinational rail-freight client
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.