Greek PMI eases further in July

Greece’s Purchasing Managers’ Index (PMI) eased to 45.2 points in July, from 45.5 in June, a sign of a steady deterioration of business conditions in the Greek manufacturing sector. Operating conditions continued to deteriorate in July, with production, new orders and employment falling significantly, while consumer confidence remained at low levels. The average performance of suppliers worsened again, while signs of a future recovery were very small. New orders fell again in July, remaining on a downward trend for the 23rd month in a row.
On the other hand, demand for Greek products from abroad continued improving, with export new orders rising for the third consecutive month at the fastest pace since August 2008. Production in the manufacturing sector, however, fell significantly in July. Lower sales and shortages in raw materials were the main reasons for reduced production. Employment in the sector fell at the fastest pace in five months, while inventories fell significantly in July. Outflow prices fell for the fifth consecutive month in July as manufacturers tried to boost their sales.
Purchasing activity by Greek manufacturers fell further.
The Purchasing Managers’ Index measures business activity in the manufacturing sector. Readings above 50 indicate a growing economy, while readings below 50 reflect shrinking activity.

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