Greece PMI

Greece

Greece: PMI falls further below the contraction threshold in July

August 1, 2014

The Markit manufacturing Purchasing Managers’ Index (PMI) inched down from 49.4 in June to 48.7 in July, which represented the lowest level in nine months. The index is now further below the 50-threshold, which indicates contraction in the manufacturing sector.

According to Markit, “the Greek manufacturing sector started the second half of the year in reverse gear.” July’s deterioration came on the back of a slower growth in output. However, Markit added that, “a third straight monthly rise in new export orders offers some hope that the upturn can be revived.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 1.5% in 2014, which is down 0.5 percentage points from the previous month’s estimate. For 2015, the panel expects fixed investment to increase 4.9%.


Author:, Senior Economist

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Greece PMI Chart


Greece PMI July 2014

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


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