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Financial News: Greece Manufacturing Growth At 14-Month Low

Greece Manufacturing Growth At 14-Month Low

06/01/2022 - 09:36:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity expanded at the weakest pace in over a year in May amid subdued demand conditions, survey data from S&P Global showed on Wednesday.

The seasonally adjusted Purchasing Managers' Index, or PMI, for the manufacturing sector dropped to 53.8 in May from 54.8 in April. However, a reading above 50 indicates expansion in the sector.

The slowdown in growth was largely influenced by broadly unchanged inflows of new business in May.

New export orders increased only at a marginal pace due to the uncertainty created by the war in Ukraine that weighed on export performance.

Input price inflation was historically elevated in May on soaring prices for fuel, energy, and materials, especially metals and plastics.

Cost burdens and weak client demand forced firms to lower their input buying in May, with the purchasing activity falling for the first time since February 2021.

Manufacturers increased their workforce numbers further in May, though the rate of job creation was the slowest for over a year.

"Ongoing supply disruption, the impact of the war in Ukraine and surging input costs are likely to remain headwinds facing Greek manufacturers as the year progresses," Siân Jones, Senior Economist at S&P Global Market Intelligence, said.

"Although firms were more upbeat regarding the outlook, our current forecast for industrial production expects a 1.6 percent increase in 2022," the economist added.

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