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 ...

More and more people in Europe are now able to find a job.
The European Commission published its yearly report on Labor...
European Equities Hit Pause Button
Europe’s major stock markets paused on Tuesday as investors...
Goldman Offers Buyback, Dividend Details
Goldman Sachs Group Inc offered investors a window into its...
Kenya’s debt is currently at $38.7b.
Kenya’s rising debt is set to hit 60% of gross domestic...
US Industrial Output Picks Up
US industrial output rose in September as the effects of...
Economic recovery will be key to bringing down the jobless rate of 21%.
Greece’s economy fell into recession again last year,...
Algeria Worst Country in Economic Freedom
Algeria is one of the worst countries in the world for...
In Southeast Asia, the Philippines is seen leading with GDP growth at 6.6% this year and 6.7% in 2018.
The IMF’s latest “Regional Economic Outlook” report paints a...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus