Greece: Manufacturing PMI eases further below the 50 mark in August
September 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 48.8 in August from July's 49.1. August's result marked the worst reading since December 2020. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in business conditions in the private sector compared to the previous month.
August’s softened print was driven by a rapid contraction in production amid lower new orders at home and abroad. Demand was depressed by elevated price pressures affecting domestic and foreign customers’ purchasing power. Weaker business activity led to a decline in employment—the first since December 2020. On a more positive note, costs rose at a slower pace in August, with input prices rising at the weakest pace since November 2020. This led to the slowest rise in prices since August 2021. Moreover, sentiment reached its highest reading since May 2022 as companies expect lower inflation and renewed global demand ahead.