ECONOMY

PMI index contracts to all-time low

A factory in Larissa, central Greece, is seen in this file photo. The country’s manufacturing sector contracted at an accelerated pace to a new record low in December, as output and new orders fell sharply, a monthly survey of purchasing managers showed yesterday, Reuters reported. December’s PMI index, which provides a snapshot of operating conditions in Greece’s manufacturing sector, fell to 41.0 points from November’s 42.3 reading. ‘The figure reflects the global economic slowdown and is due in large part to the decline in traditional sectors, such as textiles, which drags overall manufacturing lower. The October-December period was particularly tough,» said Dimitris Maroulis, an economist at Alpha Bank.