Greece: Manufacturing PMI hits over two-decade high in August
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) came in at 59.3 above July’s 57.4 marking the highest reading since April 2000. As a result, the PMI moved further above the critical 50-threshold, signaling a marked improvement of operating conditions in the manufacturing sector compared to the previous month.
August’s upturn was largely attributed to stronger growth in output and new orders amid substantially firmed client demand—the strongest in over two decades— on the back of further easing of Covid-19 curbs at home and in key trading partners. Against this backdrop manufacturers ramped up their input buying and increased their headcounts. On the price front, although input cost inflation eased somewhat, persisting supplier shortages kept inflationary forces elevated. Accordingly output cost inflation cooled to a six-month low but was still marked nonetheless, as firms tried to protect their margins.