Manufacturing activity in Greece deteriorated further in August, due to lack of new orders and continued sharp drop in production, survey figures from Markit Economics showed Tuesday.
The seasonally adjusted purchasing managers' index, or PMI, came in at 39.2 in August, well below the neutral 50.0 mark and one of the lowest readings in the survey's history.
Any reading below 50 indicates contraction in the sector.
Manufacturing output fell for the eighth month running in August, largely caused by a lack of demand in the market.
New orders from both the domestic and foreign markets decreased in August. Financial difficulties across the country was one of the reason behind the fall.
Manufacturing employment declined for the fifth straight month in August. Moreover, the rate of drop was the second-sharpest in the survey's history.
On the price front, input prices rose further in August, owing to capital controls. In contrast, selling prices fell again, continuing the trend that started in March 2011.
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