Manufacturing growth slows slightly in June
Greek factory activity expanded steadily in June although growth in output and new orders slowed amid ongoing supply chain delays, a survey showed on Monday.
S&P Global’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10% of Greece’s economy, slipped to 54.0 in June from 54.9 in May.
A reading above 50 marks growth in activity. Despite growth softening for the third consecutive month and expanding at the slowest pace since the end of 2023, Greece’s manufacturing sector has outperformed many of its European peers.
Supply chain delays remained due to disruptions in traditional shipping routes, while some manufacturers cited congested ports in Asia. This increased transportation costs and, along with more expensive raw materials, pushed input price inflation higher.
Firms raised prices but the pace of the hikes eased as they sought to remain competitive. Employment growth slowed but companies remained upbeat about demand prospects in the coming year.
“Firms remained confident in the outlook for output, with our current forecast expecting industrial production to rise 3.2% on the year in 2024,” said Sian Jones, an economist at S&P Global Market Intelligence.
