Greece: PMI hits near decade-high in December
The Greek economy ended 2017 on a positive note according to the IHS Markit manufacturing Purchasing Managers’ Index (PMI). The PMI rose in December, increasing from November’s 52.2 to 53.1. December’s result marked the best reading since June 2008.The index lies above the 50-threshold, which signifies an expansion in the manufacturing sector.
Behind the improvement was record high business confidence and booming growth in new orders. New orders rose at the fastest pace in nearly 10 years. Firms also hired additional staff for the eighth consecutive month in December and ramped up input buying to support production. On the price front, input price inflation was broadly unchanged, while selling prices declined despite robust client demand.