Greek PMI rose to 50.2 in December from 48.1 in November. With readings above 50.0 denoting growth, this signals the first, albeit marginal, improvement in operating conditions for 16 months.
According to Markit, domestic manufacturing activity improved in December, on the back of growing production and better labor conditions also on projects completed upon pressure from contractual obligations by the end of the year.
The same announcement noted that the latest upturn has occurred in the face of a challenging economic environment, where imposed capital controls and a lack of liquidity in the market have placed a handbrake on the effective operation of goods producers.
December survey data indicated a marginal increase in employee numbers at manufacturing companies in Greece, Markit said, adding that the latest rise ended an eight-month sequence of job cuts and signals a broad stabilisation of the manufacturing labor force.
Slight improvement in economic sentiment
In the meanwhile, the economic sentiment index in Greece posted a slight improvement in December according to the monthly reading announced by the Foundation for Economic and Industrial Research (IOBE).
The index recorded 87.1 points last month against 86.5 points in November, but despite the small improvement the index remained well below the level seen a year earlier, as in December 2014 its reading had been 99.1 points.
IOBE commented that the small rise is attributed to improved expectations, mainly in retail commerce and to a lesser extent in industry, while consumer confidence is also showing a small improvement. In contrast, pessimism is growing in the services and construction sectors.
Tax obligations and uncertainty
Despite increased tax obligations and uncertainty over developments in the main parameters of social and economic policy, such as the pension reform, there has been an overall picture of stability over the last four months of 2015.
However, the expectations of both consumers and enterprises appeared stuck at a lower level than that of 2014 or that of the first half of 2015, as the imposition of capital controls is proving a major turning point for the Greek economy. And all this at a time when the eurozone is witnessing a significant improvement in economic sentiment.
Source: http://www.tornosnews.com
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