PMI figure is bad news for economy
The manufacturing purchasing managers’ index, known as the PMI, in September reached its lowest point since January 2023, just above the point that indicates a recession.
An increase in input costs, from raw materials to transportation, a decrease in new orders from both the domestic and foreign markets, as well as delays in the supply chain due to Storm Daniel are the main factors that negatively affected the course of the manufacturing sector and predict a difficult course in the upcoming period as well. The fact, however, that the economies of the main export destinations for Greek products, such as the German one, are in recession strengthens the concern.
According to what S&P Global, which compiles the relevant index, announced on Monday, the PMI in Greece closed at 50.3 points in September against 52.9 points in August. In January the index closed at 49.2 points, below the limit of 50 points, but following a steady upward trend.
The significant slowdown in the growth rate of new orders received by Greek manufacturing companies in September contributed to the decline of the main index.
