Manufacturing output grows further in January

Greek factory activity expanded for the 12th month in a row in January as stronger domestic and foreign demand led to higher output and more hiring, a survey showed on Thursday.

Firms raised their prices at the second fastest pace in almost a year, with input charges rising further as shipping disruption in the Red Sea led to an increase in transport costs.

S&P Global’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10% of Greece’s economy, rose to 54.7 in January from 51.3 in December.

It was the strongest improvement since April 2022.

Readings above 50 indicate growth in activity.

“The sales environment in domestic and external markets improved, with firms buoyed, sparking a sharper uptick in employment and notable rise in business confidence to a level not seen since February 2020,” said Sian Jones, an economist at S&P Global Market Intelligence. [Reuters]