Greece’s manufacturing sector experienced its strongest growth in five months in August, according to the latest PMI® data from S&P Global.
The rise was attributed to a surge in domestic demand and output. Total new sales rose at the fastest pace since March 2024, although the improvement in demand conditions was focused on the domestic market, as new export orders fell again.
Employment and purchasing activity levels also rose more strongly. However, supply chain conditions deteriorated further as companies relied on inventories to facilitate the processing of new orders.
Meanwhile, input price growth eased to its lowest level in a year and a half, but stronger demand conditions allowed companies to increase output charges at the fastest pace in five months.
The seasonally adjusted S&P Global Purchasing Managers’ Index™ (PMI) for the Greek manufacturing sector closed at 54.5 in August, up from 51.7 in July, indicating the strongest improvement in the sector’s health since March. The rate of increase was also stronger than the survey average.
New sales growth accelerated sharply
August data showed the tenth consecutive monthly increase in new orders in the middle of the third quarter. New sales growth accelerated sharply during the month, with the pace of growth the fastest since March 2024.
In contrast, new export orders fell for a fourth consecutive month in August. The pace of contraction also accelerated, with new export sales falling at the sharpest pace since December 2022.
Higher overall new work contributed to the continued rise in output levels in the middle of the third quarter. Output growth accelerated to a five-month high.
