Manufacturing index at two-year lows

Greece’s manufacturing sector, which accounts for 8% of the economy, posted in December the fastest decline of the last two years in production and new orders.

S&P Global’s seasonally adjusted purchasing managers’ index for the manufacturing sector in Greece (PMI) closed at 47.2 points in December, from 48.4 in November.

The rate of production decline was similar to that of November, attributed to reduced new order inflows and weakened demand due to higher energy costs and inflation. As a result, new sales fell to two-year lows, while the foreign demand drop rate was among the fastest since January 2021.