Greece: PMI fall in June points to manufacturing contraction
July 1, 2014
The Markit manufacturing Purchasing Managers’ Index (PMI) inched down from 51.0 in May to 49.4 in June, which represented the lowest level in seven months. The index is now below the 50-threshold, which indicates contraction in the manufacturing sector.
According to Markit, the deterioration came on the back of a slower growth in output as, “a slight fall in new orders underpinned the loss of momentum.” In addition, “another negative development highlighted by June’s survey was a renewed decline in manufacturing employment.” On a positive note, new export business rose for the second consecutive month.
Author: Dirina Mançellari, Senior Economist