Greek manufacturing output increased for the first time in more than four years in November, according to Markit’s PMI data published on Monday, which showed that the firm’s composite index had reached a 51-month high.
“November saw output at Greek manufacturers rise for the first time since September 2009, which in turn helped lift the headline Markit Greece Manufacturing Purchasing Managers’ Index (PMI) from 47.3 in October to 49.2, its highest level in 51 months,” according to Markit.
“New orders meanwhile stabilised after having fallen in the prior month and employment decreased at a slower rate, both developments also contributing to the PMI’s rise,” the report added.
“Production levels at Greek manufacturers rose slightly during November, thereby ending a run of contraction that started in late-2009. Growth was confined to just the consumer goods sector, however, with intermediate and capital goods manufacturers recording lower output levels.”
Markit, however, added that job losses continued in November although at the slowest rate for almost four years.
“November’s survey brought better news on numerous fronts, most notably by showing factory output levels rising for the first time since late-2009, albeit only marginally,” said the report’s author, Markit economist Phil Smith. “A flat trend in new orders after a renewed decline in the previous two months was another positive development, although insufficient for sustained growth in output.”