Greece PMI August 2016


Greece: PMI returns to expansionary territory in August

September 1, 2016

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) returned to expansionary territory in August. The PMI grew from 48.7 in July to 50.4 in August, bringing the index above the 50-threshold that separates expansion from contraction in the manufacturing sector.

According to IHS Markit, August’s reading came on the back of an expansion in new orders—the first since August 2014—and output—the second so far this year. Moreover, employment was again a bright spot in the survey as Greek manufacturing companies continued to take on more staff. IHS Markit analysts commented that, “August survey data provided some promising signs that the Greek manufacturing sector could be on the verge of picking up. The Headline PMI posted above the 50.0 no-change mark, led by new orders returning to growth territory for the first time in two years. Moreover, manufacturers raised their production, albeit slightly, following a solid contraction in July while workforce numbers continued to rise.”

FocusEconomics Consensus Forecast panelists see fixed investment falling 0.4% in 2016, which is down 1.1 percentage points from the previous month’s estimate. For 2017, the panel expects fixed investment to expand 2.4%.

Author: Angela Bouzanis, Lead Economist

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Greece PMI Chart

Greece PMI August 2016

Note: IHS 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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