Greece: Manufacturing PMI climbs to nine-month high in February
March 1, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) edged up from 53.7 points in January to 54.2 points in February, a 9-month high. As a result, the PMI climbed further above the critical 50-point threshold that separates expansion from contraction in business conditions in the manufacturing sector, where it has been for over a year.
February’s upturn mainly reflected faster growth of new orders. Output continued to expand strongly in February and growth in new business quickened to a one-year high on the back of greater client demand. Manufacturers also stepped up their staff intake, with employment increasing at a similar solid rate than in January. On the price front, input cost inflation remained moderate, while faster new business growth prompted firms to raise output prices. Lastly, business confidence increased to a six-month high amid improved expectations over output ahead.
Author: Javier Colato, Economist