Greece: Manufacturing PMI falls in July
The S&P Global Greece Manufacturing Purchasing Managers’ Index (PMI) fell to 53.2 in July from 54.0 in June. As a result, the index remained above the 50.0 no-change threshold but signaled a softer improvement in manufacturing-sector operating conditions compared to the previous month.
The decline was primarily due to softer demand conditions, which led to slower expansions in output and new orders. However, there was an increase in new export orders, particularly from Italy, the UK and France, which contributed to the rise in total new sales. Production levels were raised in response to growth in new orders, but the pace of output growth waned to the slowest since September 2023. Supply chain disruptions persisted, leading to greater input buying and a rise in stocks of purchases, as firms attempted to mitigate delivery delays.
On the price front, input costs rose at the fastest pace since November 2022, driven by higher raw material and energy prices. This led to the quickest increase in output charges since February 2023, as companies passed these higher costs onto clients. Lastly, business sentiment was affected by softer demand conditions, with optimism dipping to the lowest level since September 2023. Nonetheless, firms remained optimistic about a rise in output over the next year.