Greece PMI October 2022


Greece: Manufacturing PMI records worst reading since December 2020 in October

November 1, 2022

The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 48.1 in October from September's 49.7. October's result marked the weakest reading since December 2020. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month.

October’s downtick was driven by quicker declines in new orders and output. Input cost inflation accelerated due to higher energy and materials prices, and firms were able to pass these costs to consumers by raising their prices at a faster clip. Consequently, domestic and foreign demand weakened, causing the sharpest decline in new orders since December 2020 and output to fall for the fifth successive month. Additionally, employment decreased for the third month in a row, albeit at a softer rate. Meanwhile, business sentiment remained upbeat, despite falling to its lowest level since May 2020.

FocusEconomics Consensus Forecast panelists see fixed investment growing 6.8% in 2023, which is down 0.7 percentage points from the previous month’s estimate. In 2024, the panel projects fixed investment to expand 6.9%.

Author:, Junior Economist

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Greece PMI Chart

Greece PMI October 2022

Note: S&P Global Purchasing Managers’ Index. Readings above 50 indicate improving operating conditions in the manufacturing sector, while readings below 50 points to worsening conditions.
Source: S&P Global.

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