Greece: Manufacturing PMI dives below the 50-mark in July
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 49.1 in July, down from June’s 51.1. July’s result marked the worst performance since December 2020. As such, the index dropped below the 50.0 no-change mark, signaling a deterioration in business conditions from the previous month.
July’s downbeat print was driven by the sharpest contraction in output and new orders since December 2020, and a contraction in new export orders amid weaker demand due to elevated price pressures. As a consequence, employment rose only marginally and at the slowest pace in seventeen months. More positively, input prices increased at the slowest pace since January 2021, although energy, raw material and transportation expenses continued going up. This led to a slower rise in selling prices. In addition, business sentiment improved in July as companies expect lower inflation and renewed global demand ahead.