Greece PMI December 2020

Greece

Greece: Manufacturing PMI increases in December

January 4, 2021

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) increased to 46.9 in December from November’s 42.3. However, the PMI remained below the critical 50-threshold, signaling a sizable deterioration of operating conditions in the manufacturing sector.

December’s result was chiefly driven by softer, albeit still notable, contractions in both output and new orders—the second fastest since May—, owing to still-subdued demand conditions and amid the ongoing nationwide lockdown. On a brighter note, job cutting moderated, despite a notable reduction in backlogs, while business confidence strengthened markedly in the last month of the year, on positive vaccine news. Lastly, on the price front, input costs jumped, rising at the fastest pace since March 2011, largely owing to higher raw material prices and transportation costs, while manufacturers reduced their selling prices further in a bid to attract new clients.

FocusEconomics Consensus Forecast panelists see fixed investment rising 6.8% in 2021, which is down 1.8 percentage points from last month’s estimate. For 2022, the panel expects fixed investment to expand 9.7%.


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Greece PMI December 20 20

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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