Greece PMI


PMI edges up in February

The Markit manufacturing Purchasing Managers’ Index (PMI) edged up from 48.3 in January to 48.4 in February. January’s result had marked the lowest result since October 2013. As a result of February’s rise, the index is slightly closer to the 50-threshold that separates contraction from expansion in the manufacturing sector.

According to Markit, the index’s rise was mainly due to strong growth in employment and an improvement in suppliers’ delivery times. Conversely, both output and new orders deteriorated compared to last month. As pointed out by Markit, “[t]he headline manufacturing PMI remained in contraction territory in February in a further sign that Greece’s economy continues to struggle under the weight of uncertainty.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 1.1% in 2015, which is down 0.3 percentage points from the previous month’s estimate. For 2016, the panel expects fixed investment to increase 5.8%.

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Greece PMI Chart

Greece PMI February 2015 0

Note: Markit Purchasing Managers’ Index. Readings above 50 indicate an expansion in the manufacturing sector, while readings below 50 point to a contraction
Source: Markit

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