Greece PMI


Greece: PMI edges up in March, but remains in contraction territory

April 1, 2015

The Markit manufacturing Purchasing Managers’ Index (PMI) edged up from 48.4 in February to 48.9 in March. As a result of March’s rise, the index is slightly closer to the 50-threshold that separates contraction from expansion in the manufacturing sector.

According to Markit, new orders decreased for the seventh straight month, weighed down in particular by falling new export orders as clients abroad are worried about the political situation in Greece. Production levels decreased again in March, but at a slower rate compared to previous months. Employment was up slightly. As pointed out by Markit, “[the PMI remained below 50 in March, signalling a further deterioration in business conditions facing manufacturers. One major concern is the trend in exports, which up until fairly recently had been acting as a support to the sector but are now an area of weakness as uncertainty deters foreign clients.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 1.1% in 2015, which is down 0.3 percentage points from the previous month’s estimate. For 2016, the panel expects fixed investment to increase 5.8%.

Author: Angela Bouzanis, Senior Economist

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Greece PMI Chart

Greece PMI March 2015

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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