Greece: PMI hits over decade-high in January
The Greek economy started 2018 on a bright note according to the IHS Markit manufacturing Purchasing Managers’ Index (PMI). The PMI rose in January, increasing from December’s 53.1 to 55.2. January’s result marked the best reading since October 2007.The index lies far above the 50-threshold, which signifies an expansion in the manufacturing sector.
Behind the improvement was record high business confidence and fast employment growth. In addition, strong demand from both at home and abroad fueled solid output growth. Firms also ramped up purchasing activity due to higher demand. On the price front, input price inflation rose on the back of higher prices for raw materials. Meanwhile, business confidence hit a record high.