Greece: Manufacturing PMI records worst reading since April 2021 in March
April 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 54.6 in March, down from February's 57.8. March's result marked the worst performance since April 2021. As a result, the index remained above the 50.0 no-change mark, pointing to a continued, albeit moderating, improvement in business conditions from the previous month.
March’s slowdown was chiefly due to slower growth in output and new orders. This came amid weaker global demand conditions linked to increasing uncertainty over the Ukraine war. Moreover, March saw a record expansion in output prices, caused by increases in material, energy and fuel prices. On the employment front, Greece saw the smallest rise in job creation in the last six months, while the rise in input buying was the weakest in a year. Finally, the level of incomplete business increased because of raw material delays.