ATHENS: Greece manufacturing activity shrank in April, as weak demand at home and abroad led to a drop in new orders while employment in the sector declined. Markit’s purchasing managers’ index for manufacturing a sector that makes up about 10 percent of the economy fell to 46.5 last month from 48.9 in March, its lowest reading since June 2013. A reading below 50 denotes contraction.
“The ongoing downturn in Greece’s manufacturing sector reached a new low in April, with the PMI survey showing factory production falling to the greatest extent for nearly two years,” said Markit economist Phil Smith. With Greece yet to conclude negotiations with its euro zone partners and the IMF on reforms needed to unlock remaining bailout aid, the uncertainty has re-ignited fears of a “Grexit”.
