Greece PMI June 2020

Greece

Greece: Manufacturing PMI jumps in June as coronavirus restrictions are lifted

July 1, 2020

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) jumped from 41.1 in May to 49.4 in June. Thus, the PMI landed marginally below the critical 50-threshold, indicating a fractional deterioration in operating conditions in the manufacturing sector.

June’s rise was driven by the reopening of customers and international markets as Covid-19 related restrictions continued to be eased. Both output and new orders contracted again, but at a significantly softer pace than in May. That said, demand conditions remained weak, which, coupled with months of shutdown, led manufacturers to slash their workforce numbers yet again. On the price front, input costs declined for the third month running and goods producers cut selling prices in a bid to attract new customers and fuel sales. Lastly, businesses turned optimistic for the first time since February on an improved outlook over the reopening of the economy and securing new clients.

FocusEconomics Consensus Forecast panelists see fixed investment falling 14.2% in 2020. For 2021, the panel expects fixed investment to expand 8.5%.


Author:, Economist

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Greece PMI June 20 20 0

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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