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.

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Greece Manufacturing PMI

Actual Previous Highest Lowest Dates Unit Frequency
49.40 41.10 56.60 29.50 2011 - 2020 points Monthly
SA


News Stream
Greek Factory Activity Downturn Softens Markedly
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.
2020-07-01
Greek Factory Activity Rises from Record Low
The IHS Markit Greece Manufacturing PMI climbed to 41.1 in May of 2020 from 29.5 in the previous month, which was the strongest since data collection began in May 1999. The drop in output was largely driven by weak demand conditions, as clients continued to cancel and postpone new orders. Foreign client demand also fell amid ongoing lockdowns in key export markets. Subsequently, workforce numbers fell markedly as excess capacity increased and pessimism was sustained. On the price front, cost burdens fell further amid lower demand for inputs while firms reduced output charges at a steep rate. Finally, expectations of a prolonged recovery and difficulties accessing credit during the pandemic weighed on confidence.
2020-06-01
Greek Manufacturing Activity Falls at Record Pace
The IHS Markit Greece Manufacturing PMI sank to 29.5 in April of 2020 from 42.5 in the previous month. The latest reading pointed to the second straight month of contraction in the manufacturing sector that was the strongest since data collection began in May 1999. Output, new orders and employment all declined at a record pace, amid the escalation of the Covid-19 outbreak and strict measures to control it. On the price front, both suppliers and manufacturers lowered their charges in an effort to attract, and importantly, retain clients. Uncertainty and fears of a slow recovery weighed on business confidence which dropped to the lowest since July 2015.
2020-05-04
Greek Factory Activity Shrinks for 1st Time in 3 Years
The IHS Markit Greece Manufacturing PMI fell to 42.5 in March of 2020 from 56.2 in the previous month. The latest reading pointed to the first contraction in the manufacturing sector since May of 2017 and at the sharpest pace since August of 2015. Both output and new orders declined sharply amid disruptions caused by the coronavirus outbreak. Meantime, firms cut workforce numbers at a steeper pace amid lower order book volumes and a marked fall in incomplete work. In terms of prices, input costs continued to rise but output charges fell the most in over four years, in an attempt to retain costumers. Business confidence also turned negative over fears of closure and the longevity of the virus's impact on the economy.
2020-04-01

Greece Manufacturing PMI
The Markit Greece Manufacturing Purchasing Managers' Index measures the performance of the manufacturing sector and is derived from a survey of 350 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.