Greece: Manufacturing PMI rises to over one-year high in July
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 53.5 in July from June’s 51.8. July’s result marked the best performance since May 2022. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month.
In July, both domestic and foreign demand strengthened further. Consequently, new orders rose at a quicker pace, which in turn led to an acceleration in output growth and a renewed expansion in purchasing activity. Additionally, firms expanded their headcounts at a faster rate. Meanwhile, supplier shortages caused an increase in supply delivery times. On the price front, input costs fell for the third consecutive month thanks to lower raw material prices. That said, output charges were broadly unchanged. Lastly, sentiment among manufacturers worsened, hampered by prospects of subdued demand, and higher interest rates.