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Financial News: Greece Manufacturing Activity Expands Most In Over 2 Year

Greece Manufacturing Activity Expands Most In Over 2 Years

04/01/2024 - 07:44:00 (RTTNews)

(RTTNews) - Greece's manufacturing sector grew at the strongest pace in just over two years in March, supported by strengthening domestic and foreign customer demand, preliminary survey results from S&P Global showed Monday.

The Purchasing Managers' Index, or PMI, for the manufacturing sector rose to 56.9 in March from 55.7 in February. A reading above 50 suggests growth in the sector.

This signalled the fastest improvement in the health of the sector since February 2022.

New orders grew at the fastest pace since November 2021 on the back of stronger domestic and foreign client demand.

Consequently, firms raised production volumes and employment, with output levels rising at the steepest rate since August 2021.

Greek manufacturers were again affected by supply chain disruptions during March, as input delivery times were significantly extended.

On the price front, input prices rose at the steepest pace in more than one year as raw material and shipping costs were raised by suppliers. Output price inflation also remained historically elevated during March.

Greek goods producers were strongly confident of a rise in output over the next twelve months, although the degree of optimism slipped to a three-month low.

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