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.”
Author: Dirina Mançellari, Senior Economist