ECONOMY

Greek PMI reaches 21-month high as rate of decline in output slows

The rate of decline in output at Greek factories eased to the slowest since June 2011 last month, according to the latest figures from Markit’s Purchasing Managers’ Index (PMI).

The PMI index in April posted at a 21-month high of 45.0, up from 42.1 in March, according to date released on Thursday.

“April PMI data showed a slowdown in the rate of contraction of the Greek manufacturing economy,

with rates of decline in output, new orders and employment all easing on the month,” said Markit.

“Businesses meanwhile benefitted from a drop in input prices, although margins remained under pressure as charges fell comparatively faster.”

Phil Smith, Economist at Markit and author of the Greece Manufacturing PMI warned that despite signs of the downturn in the manufacturing slowing, serious problems remained.

“It must be noted that these latest figures still show generally marked rates of contraction, with the sector set to remain a drag on the wider economy in months to come, in part through the impact of more factory-based jobs being lost,” he said.