Slight PMI recovery seen in Dec
Manufacturing expectations showed a mild improvement in December, compared to November 2021, as IHS Markit’s Purchasing Managers Index (PMI) inched up from 58.8 to 59 points on the increase in demand both domestically and from abroad.
Increased orders combined with those pending from the previous period due to problems in the supply chain resulted last month in more hirings in manufacturing, scoring the highest rate recorded since the outbreak of the pandemic in Greece (February 2020).
Nevertheless, the onset of the Omicron variant of the coronavirus in key markets for Greek exports makes IHS Markit anticipate a moderated recovery of Greek manufacturing over the first quarter of 2022.
December’s rise, the best month-on-month result since August, is attributed to the slower reduction of supplies’ stock and the faster growth in production and employment levels.
In a bid to offset shortages in raw materials, Greek manufacturers sought to create supply stocks, resulting last month in the speedier increase in purchasing activity in the sector recorded since February 2000. However, constant reports over material shortages and port congestion have led to another increase in inflow prices, albeit at the slowest rate since August.
