Financial News: Greece Manufacturing Growth Remains Strong

Greece Manufacturing Growth Remains Strong

05/01/2024 - 04:46:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity signalled a further strong upturn in April amid a sustained rise in output and new orders, preliminary survey results from S&P Global showed on Wednesday.

The Purchasing Managers' Index, or PMI, for the manufacturing sector dropped to 55.2 in April from 56.9 in March. However, a reading above 50 suggests growth in the sector.

Although the lowest for three months, the latest reading signalled a strong improvement in the health of the Greek manufacturing sector.

Output growth was solid in April despite easing from the previous month, and the overall growth was driven by a sustained rise in new sales, with firms highlighting stronger foreign client demand.

The increase in new sales overseas was supported by demand in Europe, Asia, and the Middle East.

Employment and purchase activity in the industry were bolstered by a consistent increase in new orders, with job growth reaching its highest level in more than two years.

Supply chain problems continued in April as deliveries that usually go via the Suez Canal were rerouted and vendor performance declined for the fifth consecutive month.

As a result, raw material costs and fuel prices increased at a faster pace. The rate of input price inflation rose to the fastest since January 2023. In turn, selling prices rose at the second-steepest pace in fourteen months.

Manufacturers remained confident about output expectations over the next year on the back of planned investment in new product ranges and greater client engagement.

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