Greece: Manufacturing PMI jumps to over one-year high in April
May 4, 2021
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) jumped to 54.4 in April from March´s 51.8, logging the best reading in over a year. As a result, the PMI landed comfortably above the critical 50-threshold, signaling a solid improvement of operating conditions in the manufacturing sector compared to the previous month.
April´s upturn largely reflected the first increase in new business in more than a year, as the gradual easing of domestic restrictions boosted client demand. As a result, firms scaled up production, with output growing at the sharpest rate since February 2020, as well as increased their staffing numbers in order to cope with incoming new orders. Meanwhile, new export orders fell at the softest rate since September 2020, owing to easing restrictions in key trading partners. Against this backdrop, businesses sentiment firmed notably, amid hopes of a swift end to the pandemic. On the inflation front, raw material shortages continued to exert upward pressure on prices resulting in the highest cost inflation rate on record, prompting firms to hike their selling prices.
Author: Alexandros Petropoulos,