Greece: PMI falls to one-year low in November
December 1, 2016
The Markit manufacturing Purchasing Managers’ Index (PMI) deteriorated in November, falling to a one-year low in Greece. The PMI fell from 48.6 in October to 48.3 in November, bringing the index further below the 50-threshold that separates contraction from expansion in the manufacturing sector.
According to IHS Markit, November’s reading came on the back of sharper falls in production and new orders. In addition, buying activity was down amid higher price pressures. Despite falling orders, firms added workers albeit at a marginal pace. IHS Markit analysts commented that, “worryingly, weaker demand for Greek goods continues to inhibit growth in the sector, and company efforts to lower selling prices appear ineffective. With cost pressures also mounting at the fastest pace for 16 months, manufacturers are finding little room to breathe at present.”