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Financial News: Greece Manufacturing Downturn Gathers Pace In December

Greece Manufacturing Downturn Gathers Pace In December

01/02/2023 - 08:50:00 (RTTNews)

(RTTNews) - Greece's manufacturing downturn worsened at the end of the year amid weaker demand conditions, survey data from S&P Global showed Monday.

The seasonally adjusted Purchasing Managers' Index, or PMI, for the manufacturing sector dropped to 47.2 in December from 48.4 in November.

Any score below 50 suggests contraction in the sector.

Output declined at a solid rate in December, linked to reduced new order inflows and weak customer demand amid marked hikes in costs.

Higher energy costs and broader inflationary pressures reportedly weighed on consumer spending and demand.

On the price front, both input and output price inflation eased to the slowest since November 2020 and February 2021, respectively.

Reduced demand for inputs lowered the strain on supply chains and supplier capacity.

Greek manufacturers raised their employment levels for the first time since July, albeit only fractionally.

Firms showed stronger output expectations regarding the year ahead amid hopes of greater client demand and increased investment.

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