In January, Greek factory activity achieved its first expansion since the country's debt crisis erupted in 2009.
Data shows that Greece's February Manufacturing Purchasing Managers' Index (PMI) rose from 51.2 in January to 51.3, slightly above the 50-point threshold between expansion and contraction.
The Greek economy has contracted for six consecutive years, with the country's Gross Domestic Product (GDP) shrinking by approximately one-quarter and pushing the unemployment rate to record highs.
Greece and its international creditors expect the country's economy to emerge from recession this year and achieve 0.6% growth. The Bank of Greece forecasts an economic growth rate of 0.5%.
Markit economist Phil Smith stated: “Solid growth in output and new orders meant that the manufacturing PMI signaled expansion for the second month in a row in February, marking the first time in five and a half years that the index has remained above 50 for two consecutive months.”
He added that export orders also rose, indicating improved competitiveness.
The survey also showed that manufacturers' production increased for the fourth consecutive month in February, recording the fastest growth rate since August 2008; new orders increased for the third time in several months, marking the fastest growth rate since May 2008.