Greek manufacturing continues its upward trend in May
The health of the Greek manufacturing sector continued to improve in May, according to the latest PMI survey data. The sharp increase in production and new orders supported general growth. As a result, the steady increase in customer demand contributed to the rise in employment levels, which was among the strongest in the history of the survey.
Meanwhile, the rise in input costs was slowed down at a steady pace, which was the slowest since July 2016. Companies responded by raising their factory prices at the weakest pace recorded over a three-month period.
Production forecasts remained strongly optimistic in May, as new customers and the largest volume of export orders increased confidence levels.
Seasonally adjusted Purchasing Managers’ Index (PMI®) – a composite index designed to measure the performance of the manufacturing economy – closed at 54.2 points in May, lower from the recent record high in April (56.6 points), however, suggesting a steady improvement in operating conditions in the Greek goods production sector. The recent price of the main PMI index expanded the current growth period to two years.
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