Greece: PMI rises in February
March 1, 2017
The Markit manufacturing Purchasing Managers’ Index (PMI) edged up in February, after coming in at the lowest level since September 2015 in January. The PMI came in at 47.7, up from January’s 46.6. The index still lies below the 50-threshold that separates contraction from expansion in the manufacturing sector.
According to IHS Markit, the slight improvement came on the back of smaller falls in new orders, although the rate of contraction was still steep. Output fell for the sixth consecutive month and firms reduced staff. Overall, the situation in the Greek manufacturing industry remains bleak. Inflation eased slightly from January, but remained high due to higher costs of raw materials.