Greece: Manufacturing PMI ebbs slightly in February but remains well within expansionary terrain
The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 57.8 in February, just below January’s 57.9. That said, the PMI remained well above the critical 50 threshold, indicating another solid improvement in operating conditions in the manufacturing sector compared to the previous month.
The downtick was mainly driven by slowing demand dynamics, with weaker increases in new orders weighing on the print. Contrastingly, output growth accelerated to reach the strongest pace of growth since April 2021. Consequently, backlogs registered the weakest increase in six months. Moreover, although employment growth eased from January, it still expanded at a relatively high pace. Meanwhile on the price front, input prices kept growing, with firms passing on the additional costs to clients by raising output prices.