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Today's PMI report truly presents the level of strain over Greek economy. July's Greek PMI report unarguably broke many records since Markit economics started collecting data more than a decade ago.
Key highlights -
- While 50 stands as Neutral mark and reading above which indicates expansion and below points at contraction, Greek PMI broke all records and sank to an all-time low of 30.2.
- Record contraction occurred in all variables such new orders, output, employment, stocks, according to Markit.
- Employment drop in manufacturing was steepest in history,
Why this record plummet?
- General slowdown in demand partially contributed to the fall, however most of the damage was caused by capital control and heightened uncertainty.
- Capital restriction by withdrawal of €60 per day really caused havoc by sharply slowing down demand. Moreover manufacturers struggled to source raw material and semi-finished goods.
At this point it is really difficult to see, how further austerity would improve the economy. What Greece really needs are approaches which are growth friendly. Return of growth would make the situation stable.
