Manufacturing in Greece is staging a strong and rapid comeback. The Purchasing Manager's Index for manufacturing is now at the highest level since 2007. Increasing new orders is the biggest contributor to the rise, with new employee hiring also boosting the index.
The PMI is a diffusion index, with levels over 50 indicating expansion and under 50 indicating contraction. The light blue area is annual GDP change, left scale.Manufacturing accounts for only 12-15% of Greek GDP, but the correlation between PMI and GDP is pretty solid. Interestingly, the last time PMI was at current levels the Greek economy was growing over 5% per year.