Greece: Manufacturing PMI eases from 6-month high in December
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) fell from 54.0 points in November to 53.8 points in December. November’s result had marked a six-month high. Despite the fall, the PMI lies far 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.
Looking at the details, Greece’s economic picture remained fairly upbeat in December, with new orders, production and job creation all seeing healthy growth. Stronger orders from abroad supported new business, while employment increased at a one of the strongest rates on record, although slightly down from November’s all-time high. In addition, business confidence edged up in December. Meanwhile, input price inflation softened somewhat, while firms reduced output prices to attract clients.