ECONOMY

Greek PMI registers rebound in December

greek-pmi-registers-rebound-in-december

Manufacturing in the euro area accelerated at the fastest pace in 20 months in December as rising new orders propelled output.

A Purchasing Managers’ Index for the industry rose to 53.2 from 52.8 in November, exceeding a December 16 estimate for an increase to 53.1, Markit Economics said on Monday.

For the first time since April 2014, manufacturing expanded in all nations covered, including Greece, where it came to 50.2 from 48.1 in November, according to the report, on projects completed upon pressure from contractual obligations by the end of the year.

The economic recovery in the 19-nation euro area is picking up as unprecedented stimulus by the European Central Bank is reaching companies and households.

Bank lending accelerated in November in a sign of increased spending and investment, and economic confidence is at the highest level in more than four years.

“The conditions remain in place for a modest eurozone cyclical upturn,” said Howard Archer, chief European economist at IHS Global Insight in London.

“Much will depend on the global economic environment – and it is currently hard to see eurozone growth really stepping up a gear.”

[Bloomberg]