Greece PMI December 2016


Greece: PMI rises from one-year low in December

January 3, 2017

The Markit manufacturing Purchasing Managers’ Index (PMI) rose in December, after falling to a one-year low in November. The PMI came in at 49.3, up from November’s 48.3. Despite the rise, the index still lies below the 50-threshold that separates contraction from expansion in the manufacturing sector.

According to IHS Markit, the improvement came on smaller falls in output and new orders. However, firms lowered employment for the first time in over six months, although the decrease was marginal in the context of historical data. Higher prices for steel and other commodities caused a notable rise in inflationary pressure. IHS Markit analysts commented that, “overall, 2016 has been a challenging year for the sector, which continues to remain well short of a full economic recovery. Firms will be hopeful that the new year can bring renewed growth, but until consumption picks up and can be sustained, the likelihood remains slim.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 5.1% in 2017, which is up 0.7 percentage points from the previous month’s estimate. For 2017, the panel expects fixed investment to expand 3.6%.

Author: Angela Bouzanis, Senior Economist

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Greece PMI Chart

Greece PMI December 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: IHS Markit

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