Greece PMI January 2016


Greece: PMI edges down in January

January 4, 2016

The Markit manufacturing Purchasing Managers’ Index (PMI) edged down in January, falling from December’s 50.2 to 50.0. December’s result had marked the highest level since May 2014. As a result, the index lies on the 50-threshold that separates expansion from contraction in the manufacturing sector.

According to Markit, January’s reading came on the back of marginal declines in output and new orders, while employment grew at the fastest rate since July 2007. However, job creation still remains slight overall. Regarding prices, input prices fell for the first time in one year in January. Markit analysts commented that, “volumes of incoming new orders continued to struggle, remaining in contraction territory. Likewise, output slipped back into decline while backlogs of work deteriorated further. Until improvements in these areas occur, the prospect of strong economic growth looks unlikely in the coming months.”

FocusEconomics Consensus Forecast panelists see fixed investment falling 4.9% in 2016, which is up 0.6 percentage points from the previous month’s estimate. For 2017, the panel expects fixed investment to expand 1.4%.

Author: Angela Bouzanis, Lead Economist

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Greece PMI Chart

Greece PMI January 2016

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

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