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Financial News: Greece Manufacturing Growth Eases In June

Greece Manufacturing Growth Eases In June

07/01/2024 - 08:46:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity expanded at the slowest pace this year amid softer upturns in output and new orders, preliminary survey results from S&P Global showed on Monday.

The Purchasing Managers' Index, or PMI, for the manufacturing sector dropped to 54.0 in June from 54.9 in May. However, a reading above 50 suggests expansion in the sector.

Growth in new orders remained strong in June, though the pace of increase eased to the weakest in six months as muted confidence in existing customers dampened the overall upturn. New orders also increased at a slower pace.

Consequently, the rate of growth in output eased again from March's recent high. Vendor performance showed a further fall amid supplier difficulties in connection with on-going shipping issues.

On the price front, input price inflation remained sharp in June, driven by higher transportation and raw material costs. However, the rate of inflation has eased slightly since May, while selling prices have increased at a historically elevated pace.

Meanwhile, business confidence improved somewhat in June, and this supported further job creation. Employment rose at a strong pace, albeit the slowest for four months, as firms sought to clear backlogs.

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