Greece PMI


Greece: PMI rises to 7-month high in November

December 1, 2015

The Markit manufacturing Purchasing Managers’ Index (PMI) rose to a 7-month high in November, rising from 47.3 in October to 48.1. As a result, the index lies closer to the 50-threshold that separates contraction from expansion in the manufacturing sector.

According to Markit, November’s reading was driven mainly by the softest contraction in output in eight months. However, new export orders fell sharply and volumes of unfinished work worsened compared to last month. In addition, employment fell for the eighth month in a row. Regarding prices, input costs rose further in November. Markit analysts commented that, “the Greek manufacturing sector appears to be edging towards stability, judging from the latest PMI survey data. The rate at which operating conditions are deteriorating seems to have shifted into a lower gear, suggesting the economy is slowly adapting to the austerity measures that have been implemented by the government.”

FocusEconomics Consensus Forecast panelists see fixed investment falling 9.3% in 2015, which is up 0.5 percentage points from the previous month’s estimate. For 2016, the panel expects fixed investment to contract 5.5%, which is up 0.8 percentage points from last month’s forecast.

Author: Angela Bouzanis, Senior Economist

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Greece PMI Chart

Greece PMI November 2015

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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