Greece: Manufacturing PMI improves in February
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 51.7 in February from January’s 49.2. February’s result marked the strongest reading since May 2022. As such, the index rose above the 50.0 no-change mark, signaling an improvement in manufacturing sector operating conditions from the previous month.
The improvement was driven by rebounds in output and new orders, with both expanding at the sharpest rates in a year. Stronger domestic demand amid reduced uncertainty was behind the upticks and, in turn, led to an increase in employment. On the flip side, new export orders contracted again. Meanwhile, input cost inflation eased to the lowest figure since August 2020. That said, output charge inflation remained sticky as business sought to pass on rising costs to customers. Lastly, optimism among manufacturers rose to the highest level in a year on hopes of stronger demand ahead.