Greece: PMI edges up in February
March 2, 2015
The Markit manufacturing Purchasing Managers’ Index (PMI) edged up from 48.3 in January to 48.4 in February. January’s result had marked the lowest result since October 2013. As a result of February’s rise, the index is slightly closer to the 50-threshold that separates contraction from expansion in the manufacturing sector.
According to Markit, the index’s rise was mainly due to strong growth in employment and an improvement in suppliers’ delivery times. Conversely, both output and new orders deteriorated compared to last month. As pointed out by Markit, “[t]he headline manufacturing PMI remained in contraction territory in February in a further sign that Greece’s economy continues to struggle under the weight of uncertainty.”