ECONOMY

Manufacturing sees slowdown in rate of contraction in December

manufacturing-sees-slowdown-in-rate-of-contraction-in-december

The purchasing managers index (PMI) that IHS Markit compiles may have shown an improvement to 46.9 points in December against 42.3 points in November, but the performance of the manufacturing sector in Greece remains anaemic due to the imposition of the second lockdown from November 7.

Output continued to decrease rapidly due to weak demand and the restrictions.

The contraction rate eased somewhat last month compared to November. IHS Markit also showed that new orders posted the second highest slide in the last seven months, while exports also saw a significant drop according to the latest figures.