PMI posts rise but remains in recessionary territory

Greece’s Purchasing Managers Index (PMI) showed an improvement in April compared to March, but remained below the 50-point level that marks the limit between recession and expansion, according to data compiled by Markit.

The reading of the Greek PMI last month was 49.7 points, up from 49 points in March. Although April’s reading is the highest in the last three months, it remains a sign of deterioration for the manufacturing sector in Greece. This is mainly due to the further reduction in new orders, with new export orders remaining unchanged and industrial prices declining for yet another month. That price drop has continued in spite of the increase in raw material inflows for the first time in four months.

One of the positive elements recorded in April was the increase in jobs for the second month in a row, while purchasing activity increased for the first time since August 2014.