Business conditions in the manufacturing sector in Greece worsened in February, with the Purchasing Managers’ Index -PMI- remaining below the 50-point level for the sixth successive month, Markit said in a report on Wednesday.
The index rose to 47.7 points in February from 46.6 in January, reflecting a further decline in new works and a decline in production. Manufacturing enterprises reduced their workforce levels and cut supply purchases in the month. Manufacturers’ profits shrank after a strong increase in cost, combined with a decline in average sale prices. Despite these, expectations over future growth were the most optimistic in eight months.
New works from abroad fell in February, while production shrank for one more month continuing a trend which began last September. Pending works levels continued falling in February, while manufacturers reduced their purchasing activity. Raw materials’ cost grew in February, although slightly lower compared with January, while average sale prices fell for the second consecutive month. Average delivery times extended for the fifth successive month, although at the slowest rate since October 2016.
The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector while readings below 50 a shrinking sector.