Greek Manufacturing Sector Achieves Strongest Growth in a Year
ATHENS (Reuters) - Greece's manufacturing sector experienced its most robust growth since April 2024 last month, driven by accelerated expansions in output, new orders and employment, a survey by S&P Global showed on Tuesday.
The seasonally adjusted S&P Global Greece Manufacturing Purchasing Managers' Index (PMI) rose to 55.0 in March from 52.6 in February, signalling a significant improvement in operating conditions for Greek manufacturers. A PMI reading above 50 indicates growth, while below 50 signals contraction.
The March data highlighted a notable uptick in demand, with new orders and export sales rising at the fastest pace in nearly a year, supported by stronger domestic and foreign demand.
That prompted manufacturers to increase their workforce at the sharpest rate since January 2022.
"Growth in the Greek manufacturing sector accelerated at the end of the first quarter, as the pace of expansion reached the strongest for almost a year," said Siân Jones, Principal Economist at S&P Global Market Intelligence.
"Improvements in demand conditions supported greater output, new orders, input buying and employment."
However, inflationary pressures intensified, with input costs rising at the quickest rate since November 2022.
This led to a corresponding increase in selling prices as manufacturers passed on higher costs to customers.
Despite these challenges, Greek manufacturers expressed optimism about future output growth, buoyed by expectations of continued demand strength and increased construction activity.
Manufacturers' confidence in future output was at its highest since January 2024.
(Reporting by Reuters)
