BRUSSELS (dpa-AFX) - Austria's manufacturing sector expanded at a slightly faster pace in July on the back of strong production volumes despite a sustained drop in new orders, survey results published by S&P Global showed Wednesday.
The UniCredit Bank Austria Manufacturing Purchasing Managers' Index rose to 51.5 in July from 50.9 in June. A score above 50 indicates expansion in the sector.
Production growth quickened to the highest in over four years, while inflows of new orders fell at the steepest pace in six months, driven in large part by a deepening decline in export orders.
Input buying grew in July in orders to build higher safety stocks. Nonetheless, it logged the weakest pace in the current five-month sequence of growth.
On the price front, input price inflation slowed to a 5-month low, though it remained above the long-run average. Similarly, output price inflation softened from May's recent high.
Looking ahead, Austrian manufacturers are optimistic about growth prospects over the year ahead, and their positive sentiment rose to its highest level since immediately before the outbreak of the Middle East conflict in February. The favorable outlook was buoyed by hopes of more stable market conditions, as well as opportunities arising from new products and strategic initiatives.
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