Greek manufacturing growth

Michael Kosmides   Mon, 4 Jan 2016; 11:09
Greek manufacturers reported a slight improvement in operating conditions in December, ending a sequence of deterioration which began in
September 2014. The upturn in manufacturing was driven by higher production, which returned to expansionary territory for the first time in 12
months.The seasonally adjusted Markit Greece Manufacturing Purchasing Managers’ Index® (PMI®) – a composite indicator designed to measure the
performance of the manufacturing economy– registered 50.2 in December. This was up from 48.1 in November, and signalled the first improvement in operating conditions for 16 months, albeit marginal.Samuel Agass, Economist at Markit which compiles the Greece Manufacturing PMI® survey, said:“Having endured a torrid time throughout the majority of 2015, the headline figure posting above the 50.0 mark is welcoming news to the
manufacturing sector of Greece. The latest upturn has occurred in the face of a challenging economic environment, where imposed capital controls and a lack of liquidity in the market have placed a handbrake on the effective operation of goods producers.

“The improvement in business conditions was propped up by a modest expansion in output, something manufacturers have not experienced
during 2015. The increase in workforce numbers, albeit fractional, has also helped to resuscitate the sector.
“However, the manufacturing economy is still a long way from a full recovery. Incoming new orders are still contracting, from both domestic and foreign markets, and input stocks have depleted further. Yet the fractional improvement in operating conditions is still solid progress for an economy that was in a precarious position less than half a year ago.”

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