Greek industry has been obliterated by the bank and bailout turmoil

The Greek debt crisis has pummelled the country's manufacturing sector, which registered a stunning decline in confidence in July. The Greece purchasing managers' index (PMI) score went through the floor, falling to just 30.2 last month, as employment fell at the fastest rate in Markit's 16 years of measuring the Greek manufacturing sector.

Greece's manufacturers were absolutely trashed by capital controls and bailout negotiations that put the entire country's business on hold. Now Markit's latest survey of Greek industrialists confirms that firms saw their output collapse.

"Demand was hit amid the heightened uncertainty surrounding Greece’s future, leading both total new business and exports to contract sharply, and it remains to be seen how long it takes these to recover,” Markit economist Phil Smith said. “Although manufacturing represents only a small proportion of Greece’s total productive output, the sheer magnitude of the downturn sends a worrying signal for the health of the economy as a whole.”

Here's how it looks:

Greek manufacturing PMI

(Markit)

That is Markit's lowest-ever reading for Greece by a long way. Even in the worst parts of the financial crisis and euro crisis, the figure dropped below 40 only briefly in previous months.

Anything below 50 signals that a sector is in recession, but generally the figure hovers around that level. A score of 60 is considered to be a serious boom, and a figure of 40 would be seen as a major crisis. We're now 10 points below that.

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