Greek PMI up in December
Greece’s Purchasing Manager’s Index (PMI) grew to 50.2 points in December from 48.1 in November, recording the first improvement in the manufacturing sector in the last 16 months, returning to growth levels for the first time in 12 months, Markit said on Monday.
In a monthly report, Markit said that the December growth rate was the highest since August 2014 and noted that production increased despite a new decline in incoming new orders. Production continued falling since September 2014 while a decline in new orders in December was the lowest in 13 months. Employment in the manufacturing sector grew slightly, ending an eight-month period of shrinking. Pending works fell at the lowest rate in 23 months. Inventories fell in December while supply purchases fell for the 16th successive month, although at the slowest rate recorded in 12 months.
Markit said that import prices rose in December, at the highest rate in three months, while outflow prices fell and delivery times extended for the 13th successive month.
Samuel Agass, an economist in Markit, commenting on the report said that “a slightly improvement of operating conditions is a sign of steady progress for an economy which was very risky six months ago”.
The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector while readings below 50 a shrinking sector.
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