April 2, 2024
The Greek manufacturing sector experienced robust growth in March, with both output and new orders increasing sharply, driven by strong domestic and foreign demand. Despite ongoing supply chain disruptions, input buying rose significantly. Business confidence softened slightly, but firms expanded their workforce at the fastest pace since April 2022, reflecting sustained sales growth. Cost pressures intensified due to logistics disruptions, leading to higher output charges. The S&P Global Greece Manufacturing Purchasing Managers’ Index™ (PMI) reached 56.9, the highest since February 2022. New orders grew markedly, particularly in exports, prompting manufacturers to increase production levels. Employment also rose, and backlogs of work declined, albeit at a slower rate. Supply chain disruptions persisted, causing extended delivery times and rising import prices. Despite passing on higher costs to customers, the pace of inflation in output charges eased slightly. To meet production demands and address shipping delays, input buying expanded sharply. While firms remained confident about future output growth, optimism levels dipped slightly in March.
Source: S&P
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