Greek PMI fell to 46.9 points in June
The index, compiled by Markit, remained below the 50-point level for the 10th successive month, reflecting a faster shrinking of both production and new orders by Greek manufacturers. Manufacturing production recorded the steepest monthly fall since June 2013 -reflecting limited production in all three categories (consumer, intermediate and investment goods).
Manufacturers attributed this development to an accelerated shrinking of new orders and to a weakening demand. New orders fell at the fastest rate since February 2013, remaining on a declining trend for the eight successive month.
Employment fell but a slower pace compared with the decline in production and new orders, while pending works fell steeply in June. The volume of raw materials and semi-processed goods bought by Greek manufacturers fell significantly in June at the fastest rate in the last two year, while inventories fell also in the month. Delivery times grew further in June, while purchasing costs rose reflecting higher raw materials' prices and volatility in foreign exchange rates.
Factory prices eased in June as manufacturers sought to remain competitive.
