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Greece: PMI falls to one-year low in November

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Staff Writer | Saturday December 3, 2016 6:58AM ET
Greek economy   According to IHS Markit:

The Markit manufacturing Purchasing Managers’ Index (PMI) deteriorated in November, falling to a one-year low.

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The PMI fell from 48.6 in October to 48.3 in November, bringing the index further below the 50-threshold that separates contraction from expansion in the manufacturing sector.

According to IHS Markit, November’s reading came on the back of sharper falls in production and new orders. In addition, buying activity was down amid higher price pressures.

Despite falling orders, firms added workers albeit at a marginal pace. IHS Markit analysts commented that, “worryingly, weaker demand for Greek goods continues to inhibit growth in the sector, and company efforts to lower selling prices appear ineffective. With cost pressures also mounting at the fastest pace for 16 months, manufacturers are finding little room to breathe at present.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 2.1% in 2016, which is up 1.9 percentage points from the previous month’s estimate.

For 2017, the panel expects fixed investment to expand 4.4%, which is down 0.6 percentage points from last month’s projection.

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