The IHS Markit Greece Manufacturing PMI rose to 49.4 in June of 2020 from 41.1 in the previous month, pointing to a notably slower contraction in the country's manufacturing sector. Output and new orders fell much less, amid loosening Covid-19 restrictions. Meanwhile, some firms continued to cut further jobs in an effort to reduce costs, amid weak client demand after several months of shutdown. Backlogs of work fell strongly, as many firms noted the rise in production was partly linked to the fulfillment of work-in-hand. On the price front, cost burdens continued to fall due to lower demand for inputs while firms reduced selling prices for the fourth straight month, often offering discounts to boost sales. Looking forward, sentiment turned positive for the first time since February, on hopes of a return to pre-pandemic new order volumes, the reopening of the economy and the acquisition of new clients.
Manufacturing PMI in Greece averaged 48.21 points from 2011 until 2020, reaching an all time high of 56.60 points in April of 2019 and a record low of 29.50 points in April of 2020. This page provides the latest reported value for - Greece Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Greece Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Markit Economics
Manufacturing PMI in Greece is expected to be 47.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in Greece to stand at 52.90 in 12 months time. In the long-term, the Greece Manufacturing PMI is projected to trend around 53.50 points in 2021 and 52.80 points in 2022, according to our econometric models.