71549
Greek Factory Activity at Nine-Year Peak
Greek Factory Activity at Nine-Year Peak

Greek Factory Activity at Nine-Year Peak

Greek Factory Activity at Nine-Year Peak

Growth in Greek manufacturing activity accelerated in August for the third consecutive month as rising demand at home and abroad led firms to add jobs and increase production, a survey showed on Friday.
Markit’s purchasing managers’ index for manufacturing, which accounts for about 10% of the economy, rose to 52.2 from 50.5 in July, its highest point since August 2008. Readings above 50 denote expansion in activity, Reuters reported.
The pick up in growth was driven by a solid increase in new business, the sharpest since May 2014, with export orders also rising for the first time in a year. “Having endured years of economic malaise, the latest data will be music to the ears of many concerned with Greek manufacturing,” said IHS Markit economist Alex Gill.
To keep pace with rising client demand, companies increased staffing numbers for the fourth straight month in August, at the most marked pace in more than 17 years.
“Underlying the expansion were robust increases in new business, contributing to the sharpest round of job creation since Jan. 2000. This will buoy hopes for a reduction in the country’s high unemployment,” Gill said.
Meanwhile, Greece wants nothing more than to avoid another bailout—which means it needs debt relief. And so far, that’s the sticking point, CNBC reported.
“There is now light at the end of the tunnel,” Greek Finance Minister Euclid Tsakalotos said hopefully in June. After months of wrangling, the European Union and International Monetary Fund had just agreed to release more rescue funds to the perennially troubled nation, bringing the total from its third bailout alone to €40.2 billion ($47.75 billion).

Short URL : https://goo.gl/RCos7y
  1. https://goo.gl/XbZzPv
  • https://goo.gl/YoRNjw
  • https://goo.gl/PnYVn4
  • https://goo.gl/S7wZXu
  • https://goo.gl/hL7MTF

You can also read ...

Norway CB to Develop Digital Currency
Norway’s central bank, Norges Bank, is considering developing...
Higher oil prices mean more money in the oil industry’s pockets and that will spillover into wages, jobs and tax revenue.
Canada’s economy continues to show signs of strength, but not...
Exports of cloth, cotton yarn and  value-added textiles make up almost 60% of the total exports.
Businessmen in Pakistan have expressed concern over the...
Fraud, Money-Laundering on the Rise in Singapore
Over a third of Singapore businesses said they were hit by...
Corporate Japan Learns to Boost Profitability
Japanese listed companies continue to improve their ability to...
Opening up the automobile sector to foreign firms put an end to a “protection period” for domestic brands.  The picture shows Tesla enters China’s domestic car brands.
The constant widening of opening up in China's manufacturing...
Fake Ramadan Discounts in Sharjah
Commercial outlets and shops with fake promotional offers and...
Vietnam Trade, Service Sectors Need Revision
The development of wholesale and retail infrastructure in...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus