IHS Markit: Greece’s Purchasing Managers’ Index up in February

Greece’s Purchasing Managers’ Index (PMI) rose to 54.2 points in February, from 53.7 in January, IHS Markit said in a report released on Friday.

The report said the improvement of the manufacturing sector was the strongest recorded since May 2018 and extended the current growth period which started in June 2017. It attributed the increased levels of production to an increase in new orders and efforts to renew ready product inventories.

New orders grew strongly in February, at the fastest rate recorded in 12 months, while demand from customers abroad rose and international orders rose for the 17th month in a row. Job positions grew in February, extending a growth trend which started in May 2017, while levels of pending works shrank after a brief increase recorded in January. Greek manufacturers remained optimistic over production outlook in 2019, while business confidence grew in February. Optimism levels were the highest recorded in the last six months.

Inflow cost grew moderately, while outflow prices grew for the second time in the last five months. Purchasing activity grew in line with forecasts for an increase in production in the coming months.

PMI is a composite index measuring business activity in the manufacturing sector. Readings above 50 indicate a growing sector and readings below 50 a shrinking sector.