ECONOMY

Conditions still tough in manufacturing

Greece’s manufacturing sector continued to face tough conditions in November, despite a slower pace of contraction, with domestic demand still a key source of weakness, a survey showed yesterday. Incoming new business in the sector fell sharply due to poor demand at home and strong competition. New orders from abroad were largely unchanged. The Markit Manufacturing Purchasing Managers’ Index (PMI) for Greece rose to 43.9 points in November from 43.6 in October, staying firmly below the 50 mark that separates growth from contraction, Reuters reported. Greek manufacturers made further cuts to production, employment and buying activity as a result of fewer new orders. ‘Weak domestic demand remained the main drag on total new orders in November. Another substantial contraction of new business forced Greek manufacturers to sharply cut production and employment to save costs,’ said Markit economist Gemma Wallace.