Greece PMI September 2021


Greece: Manufacturing PMI declines in September but remains comfortably in expansionary territory

October 1, 2021

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) came in at 58.4 in September from 59.3 in August. That said, the PMI remained well above the critical 50-threshold, signaling another solid improvement of operating conditions in the manufacturing sector compared to the previous month.

September’s result largely reflected solid expansions in new orders and output, which was, however, capped by a marked deterioration in vendor performance amid persistent supply chain disruptions. Regardless, strong foreign demand buoyed new export orders, which expanded at the sharpest rate in three months. Against this backdrop, manufacturers increased their staffing levels, albeit at a somewhat softer pace than in August, while sentiment with regards to output in the coming 12 months remained strong.

On the price front, higher costs stemming from raw material shortages and persisting logistics disruptions resulted in record-high input cost inflation and prompting firms to raise their selling prices.

Siân Jones, senior economist at IHS Markit, said:

"We expect industrial production to rise 6.6% on the year in 2021, but output growth may continue to be hampered through the final quarter as supply-chain disruptions persist."

FocusEconomics Consensus Forecast panelists see fixed investment rising 10.5% in 2021, which is up 3.4 percentage points from last month’s estimate. For 2022, the panel expects fixed investment to expand 10.2%, which is down 0.2 percentage points from last month’s forecast.


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Greece PMI Chart

Greece PMI September 2021

Note: IHS Markit Purchasing Managers’ Index. Readings above 50 indicate improving operating conditions in the manufacturing sector, while readings below 50 point to worsening conditions.
Source: IHS Markit.

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