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Greece PMI April 2024

Greece: Greek manufacturing PMI softens in April

The S&P Global Greece Manufacturing Purchasing Managers’ Index (PMI) fell to 55.2 in April from 56.9 in March. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in manufacturing sector operating conditions compared to the previous month.

The decline in the PMI was primarily due to slightly softer expansions in output and new orders, which remained sharp and historically robust. The sustained increase in new orders supported hiring and purchasing activities, with employment growth reaching its sharpest pace in over two years. However, firms experienced further contractions in stock levels, partly due to supply chain delays, despite an increase in purchasing activity to replenish stocks.

Inflationary pressures intensified in April, with input cost and output charge inflation rates ticking up due to higher raw material and fuel prices. This situation allowed firms to pass through higher costs to customers, resulting in selling prices rising at the second-steepest pace since February 2023. Despite these challenges, Greek manufacturers’ business sentiment improved, with optimism reaching its highest in 11 months, spurred by planned investments in new product ranges and greater client engagement.

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