In March, Greece's manufacturing sector experienced its most significant growth in over two years, bolstered by robust domestic and international customer demand, according to preliminary survey results from S&P Global.
The Purchasing Managers' Index (PMI), an economic indicator for the manufacturing sector, increased from 55.7 in February to 56.9 in March. A PMI reading over 50 represents growth within the sector.
This reflects the most rapid progress in the sector's health since February 2022. New orders expanded at the fastest rate since November 2021, fueled by increased domestic and international client demand.
As a result, companies expanded production and employment. The level of output increased at the sharpest rate since August 2021.
However, Greek manufacturers once again experienced supply chain disruptions in March, with significant delays in input delivery times.
In terms of pricing, input costs rose at the fastest rate in over a year, driven by increases in raw material and shipping costs from suppliers. Furthermore, output price inflation remained at a historically high level throughout March.
Despite these challenges, Greek goods producers remained largely hopeful about an increase in output over the coming year. However, the level of optimism fell to a three-month low.
