Greek PMI Index hits 4-year high

The Markit index of manufacturing sentiment rose to a 51-month high of 49.2 in November from 47.3 a month earlier. But it remained below the 50-point line dividing expansions in activity from contractions.

The reading adds to evidence that the country's economy may be bottoming out after six years of austerity-fuelled recession, which reduced gross domestic product by about a quarter.

Manufacturing accounts for about a tenth of the Greek economy and has been shrinking along with GDP for more than four years.
Greek manufacturers' production levels rose slightly in November, ending a run of contraction that started in late 2009, though growth was confined to consumer goods, the survey showed.

"November's survey brought better news on numerous fronts, most notably by showing factory output levels rising for the first time since late 2009, albeit only marginally," Markit economist Phil Smith said.
Smith said a flat trend in new orders after a decline in the previous two months was another positive development, although not enough for sustained output growth.

The news fueling hopes that its long economic slump may finally be bottoming out.

Markit's purchasing managers' index for manufacturing, which accounts for roughly 15 percent of Greece's economy, rose to 48.7 from 47.0 in July, its highest reading in 44 months.

The index has held below the 50-point line dividing growth from contraction since September 2009, just before Greece's fiscal problems came to light, plunging its economy deep into recession and leading Athens to seek an international bailout.