Financial News: Greece Factory Growth Improves In May

Greece Factory Growth Improves In May

(RTTNews) - Greece's manufacturing growth rebounded in May amid faster expansions in output and new orders despite facing inflationary pressures, survey data from S&P Global showed on Tuesday.

The manufacturing Purchasing Managers' Index climbed to 53.3 in May from 52.4 in the previous month. A reading above 50.0 indicates expansion.

Both output and new orders gained growth momentum in May, led by stronger demand and successful outreach to new customers. The uptick in customer interest was more evident in the domestic market as new export orders fell for the fourth straight month.

The ongoing war in the Middle East fueled supply chain pressures across the Greek economy. As a result, input price inflation accelerated to the highest since June 2022 amid higher energy costs. Selling price inflation also quickened to the strongest level in almost four years.

In line with rising new orders, firms increased their employment level at the fastest pace in four months. Meanwhile, purchasing activity grew at a slower pace, and companies struggled to replenish used stocks, and both pre- and post-production inventories fell at sharper rates.

Looking ahead, output expectations over the year ahead improved, buoyed by the release of more diverse products, investment in new facilities, and greater advertising.

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