Greek Purchasing Managers’ Index drops to one-year low in November

Greek Purchasing Managers’ Index PMI eased to 48.3 points in November, from 48.6 in October, falling to 2016 lows reflecting a decline in production and new works, Markit said on Thursday.

Markit, in a monthly report, said that Greek manufacturers cut their purchasing activity amid intensified cost pressures which led to further declines in inflow inventories. On the other hand, manufacturers continued hiring new personnel, although fractionally, despite a new deterioration of pending works levels.

The November data showed a decline in manufacturing production in Greece for the third successive month. The latest decline was the strongest recorded since July, while companies linked a decline in production with weaker demand for Greek goods. The decline in production was the result of intense shrinking of new work levels in November. New orders fell in he month, with new export orders falling at the strongest rate in 12 months, while pending works fell further, extending a trend which began in July 2008.

Employment levels were almost unchanged in November, with new job creation rate falling at the slowest rate in six months. Average cost burden grew further in November, at the highest rate in 16 months. Inflows fell for the seventh successive month while inventories fell at the strongest rate in nine months. Finally, average delivery times extended in November, at the highest rate ever recorded.

Samuel Agass, IHS Markit’s economist, commenting on the survey said: “Intensified economic difficulties negatively affected the goods production sector’s health in November, was the PMI fell to its lowest level in one year. Worrying is the fact that weaker demand for Greek goods continues suspending the sector’s growth, while efforts to reduce sale price have no result”.

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