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Financial News: Greece Manufacturing Growth Improves Slightly In April

Greece Manufacturing Growth Improves Slightly In April

05/03/2022 - 10:34:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity expanded at the second slowest pace in an year in April as cost burdens dampened client demand, survey data from S&P Global showed on Tuesday.

The seasonally adjusted Purchasing Managers' Index, or PMI, for the manufacturing sector rose slightly to 54.8 in April from 54.6 in March. A reading above 50 indicates expansion in the sector.

The rate of increase in manufacturing output was marginal, the slowest in the current sequence of growth that began in April 2021.

Both new orders and export orders increased at a softer pace in April. Input and output price inflation was faster than any seen before September and October 2021 respectively.

Higher cost burdens were driven by rising prices of raw materials together with higher transportation and fuel costs.

Firms continued to add workforce in April, but the rate of job creation was the joint-softest since last September.

Supplier delivery times worsened again in April as extensive transportation delays were reportedly exacerbated by Russia's invasion of Ukraine.

"Mounting headwinds including a reduction in customer appetite due to higher prices and further increases in cost burdens look set to weigh on growth over the coming year," Sian Jones, senior economist at S&P Global, said.

"Alongside firms' output expectations dropping to the lowest since October 2020, our current forecast predicts only a 1.4 percent rise in industrial production in 2022," Jones added.

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