Greece PMI February 2016


Greece: PMI returns to contractionary territory in February

March 1, 2016

The Markit manufacturing Purchasing Managers’ Index (PMI) edged down in February, falling from January’s 50.0 to 48.4. As a result, the index now lies below the 50-threshold that separates contraction from expansion in the manufacturing sector.

According to Markit, February’s reading came on the back of contractions in output and new orders. Orders from abroad fell at the sharpest pace since September, partly due to transportation difficulties caused by ongoing strikes in Greece. In addition, jobs were cut, although the rate of loss was marginal overall. Meanwhile, input prices recorded the largest fall since January 2009. Markit analysts commented that, “coupling PMI data with latest GDP figures also paints a gloomy image of the current state of the economy. The 0.6% contraction for the fourth quarter of 2015 was the worst amongst eurozone members and added to the growing uncertainty around Greece’s future. With proposed pension and tax reforms already creating economic headwinds, the prospect of moving out of this technical recession appears distant at present.”

FocusEconomics Consensus Forecast panelists see fixed investment falling 3.6% in 2016, which is down 0.7 percentage points from the previous month’s estimate. For 2017, the panel expects fixed investment to expand 1.7%.

Author: Angela Bouzanis, Lead Economist

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Greece PMI Chart

Greece PMI February 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: Markit

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