Markit Greece Manufacturing PMI®
Goods production falls again, albeit at a slower rate
Job losses recorded for second straight month
Cost pressures build as input price inflation hits four-year high
Business conditions in Greece’s manufacturing sector continued to deteriorate during May. Latest data showed a further, albeit slower, decrease in output as new orders fell for a ninth straight month. Data meanwhile highlighted a number of challenges faced by manufacturers on the supply side, with average purchase prices rising at the fastest rate in four years and supplier delivery times posting the greatest deterioration for 16 months.
The headline seasonally adjusted Markit Greece Manufacturing Purchasing Managers’ Index® (PMI®) – a single-figure measure of overall business conditions – registered 48.0 in May, pointing to overall deterioration of the health of the goods-producing sector for the ninth month running. That said, the latest reading was higher than April’s 22-month low of 46.5…..
Phil Smith, Economist at Markit which compiles the Greece Manufacturing PMI® survey, said: “The manufacturing PMI continues to point to a downturn in the Greek economy. May’s was the ninth successive sub-50 reading for the headline PMI, albeit the rate of decline as signalled by the index was slower than in April. “The weaker euro is driving up costs but businesses aren’t seeing the benefit of an increase in competitiveness, with the uncertainty that hangs over the country stifling demand. “All in all, Greek manufacturers are feeling the pressure on all fronts, and have reverted back to retrenchment mode as a result, cutting jobs for the second month running in May.”