Greek PMI almost unchanged at 50 points in Jan

1 February 2016
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Greece’s Purchasing Managers’ Index (PMI) remained almost unchanged at 50 points in January, from 50.2 points in December 2015, offering more evidence of a stabilization in the manufacturing sector after a sharp drop last year, Markit said on Monday.

Samuel Agass, a Markit economist, commenting on the January figure said that the first report of 2016 showed that operating conditions in manufacturing companies in Greece remained unchanged. Producers reported more stability in their environment during January, showing a turn from a crisis which hit the sector in 2015. The fact that the number of workers grew at the fastest rate since July 2007 was encouraging for enterprises, while inflow prices fell for the first time in 12 months. However, volume of incoming new orders remained in contraction, production fell again, while pending works volumes fell further. “If there are no signs of fundamental improvement in these sectors, it is unlikely to have any intense economic growth in the next few months,” Agass said.

Greek producers reported a slightly decline in production levels in January, probably due to a lack of liquidity in the market and reflected limited inventories. New orders fell further in the month, while the volume of new works fell steadily, beginning in September 2014. New orders from abroad fell in January, but at the slowest rate in 15 periods. Purchasing activity in the manufacturing sector fell further in January, with inventories falling, extending at trend which began in August 2008.

The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector and readings below 50 a shrinking sector.

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