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Greek Factory Sector Contracts At Record Pace In February

3/1/2012 4:27 AM ET

Activity in the Greek manufacturing sector decreased at a record pace in February, indicating that the sector has fallen deeper into recession, data from a survey by Markit Economics showed Thursday.

The purchasing managers' index (PMI) for the manufacturing sector plunged to a historical low of 37.7 in February, signaling substantial deterioration in operating conditions. A PMI reading below 50 shows contraction in the sector, while one above shows growth. The index has now remained below neutral mark for the thirtieth consecutive month.

New orders received by Greek manufacturers decreased sharply during the month, with export orders falling for the a sixth successive month.

Firms reduced their workforces at the steepest rate since March 2009 in February. Input price inflation rose higher during the month, reflecting higher prices for fuel, plastics and steel. However, manufactures lowered output prices to the greatest degree for 33 months.

by RTT Staff Writer

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