ATHENS - Greek factory activity expanded again in April thanks to the first rise in employment in six
years and faster increases in output and new orders, a survey
showed on Friday.
Manufacturing activity has veered between contraction and
growth since it logged its first month of expansion since
mid-2009 in January.
Markit's purchasing managers' index for manufacturing, which
accounts for about 10 percent of the Greek economy, rose to 51.1
in April from 49.7 in March, climbing back above the 50 line
dividing growth from contraction.
"Faster growth in output and new orders helped bump the PMI
back above the 50.0 threshold, but the return to growth in
employment was the real highlight from April’s survey," Markit
economist Phil Smith said.
"It represented a show of confidence among manufacturers
that the recovery in the sector is now more embedded."
Greece, which has been kept afloat by two multibillion euro
bailouts by the EU and IMF since 2010, has been stuck in a
six-year slump that has reduced gross domestic product by about
a quarter and driven unemployment to record highs.
Growth in new orders was slightly faster than the previous
month, mainly in the consumer goods sector, the survey found.
Output also grew in the second-sharpest ruse in the past 67
months behind February's high.
Still, the survey found the net rise in staffing numbers was
only slight and mainly attributed to increased production needs.
(Reporting by Karolina Tagaris; Editing by Hugh Lawson)