Greece PMI August 2020

Greece

Greece: Manufacturing PMI increases in August but remains in contractionary territory

September 1, 2020

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 48.6 in July to 49.4 in August. Despite the increase, the PMI remained below the critical 50-threshold, separating deterioration from improvement in operating conditions of the manufacturing sector.

August’s upturn was driven by softer drops in new orders and output. That said, firms stressed that demand conditions remained muted amid the impact of Covid-19 restrictions, particularly on the tourism and hospitality sectors. Meanwhile, businesses expectations strengthened in August and reached a six-month high, while companies registered the first expansion in workforce numbers since February. On the price front, although input cost inflation rose to the highest in seven months, goods producers discounted their selling prices further in a bid to prop up sales.

FocusEconomics Consensus Forecast panelists see fixed investment falling 14.5% in 2020. For 2021, the panel expects fixed investment to expand 10.6%.


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Note: IHS Markit Purchasing Managers’ Index. Readings above 50 indicate improving operating conditions in the manufacturing sector, while readings below 50 point to worsening conditions.
Source: IHS Markit.


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