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Greece PMI November 2020

Greece: Manufacturing PMI drops to six-month low in November

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) dived to 42.3 in November from October’s 48.7, marking the worst reading since May as the country entered its second lockdown in early November amid surging new Covid-19 infections. As a result, the PMI moved further below the critical 50-threshold, signaling a sharp deterioration of operating conditions in the manufacturing sector.

November’s downturn was largely attributed to a significant drop in new orders—the strongest since April—and output due to faltering demand amid the reinstatement of a nationwide lockdown. Similarly, new export orders contracted noticeably, as renewed Covid-19 restrictions abroad subdued foreign demand. Moreover, the significant decline in new business prompted firms to reduce staffing at the fastest pace in six months. On a brighter note, firms turned more optimistic amid expectations of normalizing operating conditions by Q4 2021. Lastly, on the price front, input costs rose at the sharpest pace in over two years due to supplier shortages, logistics disruptions and higher raw material prices. That said, manufacturers reduced their selling prices once again in efforts to retain their competitiveness.

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