greece greek soccer euro 2012The Greek soccer team

Photo: AP Images

The June Greek manufacturing PMI plunged to 40.1, down from 43.1 in May.Economists were looking for an already low number of 44.8.

Key Points:

  • Output and new orders both fall at sharper rates
  • Election uncertainty and ongoing financial crisis undermine demand
  • Falling production requirements and poor prospects lead to further job shedding

“The PMI slipped further below the 50.0 no-change mark during June amid reports that the uncertainty of the elections had exacerbated the already difficult and fragile demand environment at home,” wrote Markit economist Paul Smith.

“Whether the formation of the new coalition government helps to improve confidence remains to be seen, but there can be no doubting that the fundamental problems facing manufacturers – and for that matter the Greek economy as a whole – are inevitably going to take a long time to solve.”

greece pmi

Photo: Markit

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