Greece's manufacturing activity deteriorated again in September, as output and new orders continued to fall sharply, survey figures from Markit Economics showed Thursday.
The seasonally adjusted purchasing managers' index, or PMI, rose to 43.3 in September from 39.1 in the previous month. However, any reading below 50 suggests contraction in the sector.
Manufacturing production fell for the ninth straight month in September at a sharper rate. A number of firms blamed capital controls and lower demand in the market for the overall reduction in output.
New orders continued to decline in September, though the rate of contraction eased over the month.
Manufacturers reduced their staffing levels for the sixth successive month in September, in line with lower outstanding business.
On the price front, input prices increased again in September. In contrast, selling prices dropped, continuing a trend of decreases which began in March 2011.
"Hopefully, the recent election will reassert some confidence in the market for the coming months, and Greece can begin to move out of the current economic downturn," Samuel Agass, Economist at Markit , said.
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