Growth in the Greece’s recession-battered manufacturing sector posted a nine-year high in August 2017, buoyed by higher demand and greater purchasing activity by consumers.
The relevant index reached 52.2 in August, nearly two points above the 50.5 figure in July 2017, the third straight month that the manufacturing sector posted growth after several years of a punishing recession.
A figure of above 50 points shows a growing economy.
Higher employment was also recorded in the specific sector last month, reversing a lengthy trend in which layoffs were the norm.
The government has pointed to a major hike in employment over the recent quarter, and a resulting drop in the employment rate in Greece. Conversely, the opposition has sharply replied that most of the new jobs that were created involve low-salaried, and mostly menial part-time employment. Additionally, a continuing “brain drain” in the country is cited as one reason for the drop in the official unemployment rate.
