Manufacturing index drops

Greek manufacturing is continuing to suffer, with the Purchasing Managers Index (PMI) compiled by Markit Economics showing a decline from 43.2 points in September to 40.5 points in October.

Last month the index, which measures activity in the sector, showed its biggest decline in the last two-and-a-half years on the considerable shrinking of output and of new orders, both from within Greece and from abroad.

International orders declined for the second consecutive month.

“As the application of austerity measures continues and demand remains low globally, data show the recession in Greek manufacturing has not yet bottomed out,» Markit analyst Richard Clarke commented.