Greek PMI plunges in July

Gazzetta team 3 Αυγούστου 2015 - 17:53

Greece’s Purchasing Managers’ Index (PMI) plunged in July, recording the biggest percentage decline in the 16-year history of the survey, on heightened concern over a Greek default and after the imposition of capital controls on bank transactions in the country, Markit said on Monday.

In a monthly report, Markit said that the PMI grew more than expected in the Eurozone in July, recording a slightly slowdown from June’s 14-month high as rising prices reduced new orders. The PMI was 52.4 points in July, from 52.5 in June. The index measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector while readings below 50 a shrinking sector.

“Policy makers will be relieved by the strong growth rates recorded in Eurozone countries such as Holland, Spain and Italy, and of the resilience showed by the manufacturing sector in total, particularly as growth in these countries was expected to speed up now that Greece has overcome the last hurdle in a continuing debt crisis,” Chris Williamson, chief economist in Markit said in a report.