Greece PMI October 2016


Greece: PMI falls in October

November 1, 2016

The Markit manufacturing Purchasing Managers’ Index (PMI) deteriorated in October, signaling a weak start to the fourth quarter in Greece. The PMI fell from 49.2 in September to 48.6 in October, bringing the index further below the 50-threshold that separates contraction from expansion in the manufacturing sector.

According to IHS Markit, October’s reading came on the back of falls in production and new orders. Despite falling orders, firms added workers. IHS Markit analysts commented that, “as input costs continue to grow, coupled with manufacturers reducing their selling prices further, the likelihood of jobs growth sustaining until the end of the year seems slight.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 2.1% in 2016, which is up 1.9 percentage points from the previous month’s estimate. For 2017, the panel expects fixed investment to expand 5.0%, which is up 2.2 percentage points from last month’s projection.

Author: Angela Bouzanis, Lead Economist

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Greece PMI Chart

Greece PMI October 2016

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

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