Greece: Manufacturing PMI rises in January
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 49.2 in January, up from December’s 47.2. As a result, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in manufacturing sector operating conditions compared to the previous month.
The headline improvement was driven by a softer contraction in new orders and stable output levels as demand remained weak despite signs of improvement. Meanwhile, firms reduced their headcounts amid a sharp reduction in backlogs of work. Turning to prices, input inflation costs eased, growing at the slowest pace since October 2020. That said, the increase in output charges was broadly unchanged, as firms aimed to pass increased costs to clients. Lastly, manufacturers remained optimistic due to hopes of stronger demand ahead.