Greece’s Purchasing Managers Index (PMI) fell last month to its lowest point this year, hitting 48.4 points – below the zero-change point of 50 points – according to Markit, which compiles the index.
The index reverted to negative territory after reaching 50.1 points in August, which denoted a marginal expansion in procurements. This is attributed to the reduction both in output and new factory orders in September. This weakening in production and orders has contributed to a further drop in jobs in the manufacturing sector.
Commenting on the fresh decline last month, Markit economist Phil Smith, an expert in the Greek PMI, said, “The overall picture of the sector, as recorded in the third quarter of the year, has shown a general stagnation, which was rather disappointing given the progress recorded in the first half of the year.”
He added, “Developments related to the time of procurement deliveries and to the reduction of inflow prices, although they offer a note of relief for enterprises, are little consolation for the new instability recorded in demand levels.”