Conditions for manufacturers deteriorate

The health of Greek manufacturing deteriorated in March as a slump in new orders, output and employment deepened. The Markit Manufacturing Purchasing Managers’ Index (PMI) for Greece fell to an 11-month low of 42.9 from 44.2 points in February, with domestic demand noticeably weaker than foreign orders, Reuters reported yesterday. For Greece’s manufacturing economy, the first quarter of 2010 was the worst since the first three months of 2009. By contrast, most eurozone manufacturers reported a further surge in growth in March, suggesting their economic recovery remained in full swing at the end of the first quarter, helped by a weaker euro and rising global demand.

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