Greece’s manufacturing activity continued to shrink in November, survey results from IHS Markit showed on Tuesday.

The manufacturing Purchasing Managers’ Index decreased to 42.3 in November from 48.7 in October. Any reading below 50.0 indicates contraction in the sector.

The latest rate of contraction was the fastest since the survey began in May 1999.

New order inflows declined in November and new business decreased at the steepest rate since April’s nadir amid Covid-19 restrictions and weaker client demand.

New export orders declined markedly in November and production fell at a significant pace.

The backlogs of work depleted again in November and the number of workforce were reduced by the firms, with the rate of job shedding fastest since May.

On the price front, cost burden increased sharply in November and input price inflation rose at the fastest rate since August 2018. Output prices fell at a marginal pace.

Suppliers delivery time lengthened and firms reduced their input buying, amid lower production requirements.

“Nevertheless, firms were at their most upbeat since February amid hopes that output will expand over the coming year,” Sian Jones, an economist at IHS Markit, said.

The material has been provided by InstaForex Company – www.instaforex.com

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