The coast of Greece

Greece PMI March 2020

Greece: Manufacturing PMI plunges to its lowest since 2015 debt crisis in March amid coronavirus outbreak

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) plunged from 56.2 in February to 42.5 in March, marking the lowest reading since the debt crisis of 2015 and putting an end to a near three-year streak of expansion. Thus, the PMI fell below the critical 50-threshold, indicating a deterioration in operating conditions in the manufacturing sector.

March’s slide mainly reflected strong contractions in production and new orders as the coronavirus outbreak prompted closures of factories and a collapse in domestic and foreign demand. Notably, the decline was cushioned somewhat due to longer supplier delivery times, but this was due to the coronavirus-induced disruption of supply chains. Both output and new sales fell at the steepest rate since the summer of 2015. Subsequently, manufacturers cut their workforce numbers sharply, while businesses turned pessimistic over fears of the duration of closures. On the price front, input cost inflation ticked up, while goods producers slashed selling prices in a bid to retain customers.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest