Greece’s Purchasing Managers’ Index (PMI) fell to 39.1 points in August, one of the lowest levels ever recorded, reflecting a sharp deterioration of business conditions in the country’s manufacturing sector.
The lack of new orders and further sharp decline in production were the basic factors for the August plunge. Manufacturing production fell for the eighth successive month in August, significantly down from July due to lack of demand in the market because of capital controls.
Employment levels fell for the fifth successive month in August, although at a slightly slower pace compared to July.
Inflow cost rose in August as a result of capital controls, but outflow prices fell again, continuing a trend that began in March 2011. Delivery times extended further in August, while Greek manufacturers recorded a further decline in inventories.
The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector while readings below 50 a shrinking sector.
(Source: ANA-MPA)
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