Financial News: Greece Manufacturing Growth Remains Strong

Greece Manufacturing Growth Remains Strong

06/03/2024 - 10:46:00 (RTTNews)

(RTTNews) - Greece's manufacturing activity signalled a further strong upturn in May despite higher cost pressures amid supply chain disruptions, preliminary survey results from S&P Global showed on Monday.

The Purchasing Managers' Index, or PMI, for the manufacturing sector dropped slightly to 54.9 in May from 55.2 in April. However, a reading above 50 suggests growth in the sector.

Although it increased at a slower pace, the overall growth of output was strong in May on the back of sustained demand growth and a further expansion in new orders. Similarly, new order growth remained solid overall despite the slowest in four months.

During May, concerns about supply chain disruption persisted among Greek firms due to issues with routes through the Red Sea, along with domestic traffic problems.

Consequently, input prices rose at a faster pace in May as higher raw material prices, including those for cocoa, fruit, and plastics, reportedly drove inflation. Nonetheless, goods producers raised their selling prices at a slower rate.

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