Greece PMI January 2019


Greece: Manufacturing PMI ticks down in January

February 1, 2019

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) inched down to a three-month low of 53.7 points in January from 53.8 points in December. Despite the downtick, the PMI lies comfortably 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.

January’s print was supported by solid growth in production, new orders and job creation. Output expanded at one of the fastest rates since early-2018 while new orders continued to rise strongly in January on the back of greater local and foreign demand. Notably, growth in new export orders quickened to a one-year high despite ongoing global trade tensions. Amid greater output requirements, manufacturers also stepped up their staff intake, with employment increasing at the join-fastest rate on record in January. On the price front, input cost inflation eased to an over two-year low and firms lowered output prices in a bid to attract new clients. Lastly, business confidence increased to one of the highest levels in series history due to an upbeat outlook by firms.

FocusEconomics Consensus Forecast panelists see fixed investment rising 4.2% in 2019, which is unchanged from the previous month. For 2020, the panel expects fixed investment to expand 3.9%.

Author:, Economist

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Greece PMI Chart

Greece PMI January 2019

Note: IHS Markit Purchasing Managers’ Index. Readings above 50 indicate an expansion in the manufacturing sector, while readings below 50 point to a contraction
Source: IHS Markit

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