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Financial Mirror (Cyprus) - - FRONT PAGE -

Fac­tory ac­tiv­ity shrank again last month as a pick-up in ex­port or­ders was not enough to off­set de­clines in out­put and em­ploy­ment.

Markit’s pur­chas­ing man­agers’ in­dex (PMI) for man­u­fac­tur­ing, which makes up about 10% of the Greek econ­omy, rose to 48.8 in Oc­to­ber from 48.4 in Septem­ber, but re­mained stuck be­low the 50 mark de­not­ing growth for the fifth month in a row.

“The PMI regis­tered in con­trac­tion ter­ri­tory in Oc­to­ber, in a fur­ther sign that the re­cov­ery in Greece’s goods-pro­duc­ing econ­omy is fal­ter­ing after a rel­a­tively pos­i­tive start to 2014,” said Markit economist Phil Smith. Man­u­fac­tur­ing out­put and new or­ders fell in Oc­to­ber for the third time in the last four months although their rates of de­cline slowed from Septem­ber, helped by a re­newed ex­pan­sion in ex­port sales. De­ple­tion of back­logs led firms to lower their pay­roll num­bers but also at a slower rate than in Septem­ber, with job shed­ding in the sec­tor con­tin­u­ing for the fifth straight month, Markit said. Man­u­fac­tur­ers con­tin­ued to re­duce sell­ing prices to counter weak de­mand de­spite a slight uptick in in­put costs, as has been the case on a monthly ba­sis since March 2011, the re­port said.

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