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Greece PMI March 2023

Greece: Manufacturing PMI increases in December

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) increased to 46.9 in December from November’s 42.3. However, the PMI remained below the critical 50-threshold, signaling a sizable deterioration of operating conditions in the manufacturing sector.

December’s result was chiefly driven by softer, albeit still notable, contractions in both output and new orders—the second fastest since May—, owing to still-subdued demand conditions and amid the ongoing nationwide lockdown. On a brighter note, job cutting moderated, despite a notable reduction in backlogs, while business confidence strengthened markedly in the last month of the year, on positive vaccine news. Lastly, on the price front, input costs jumped, rising at the fastest pace since March 2011, largely owing to higher raw material prices and transportation costs, while manufacturers reduced their selling prices further in a bid to attract new clients.

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