The Greek Purchasing Managers’ Index PMI improved further in December rising to 59 points, from 58.8 in November, IHS Markit said on Monday. More specifically, total demand was the strongest recorded since August 2020 due to a slower decline in supply inventories and a faster increase in production and employment levels.
The report said that despite shortages in materials, production increase was the fastest recorded in the last three months due to a continued increase in demand by customers. Although the growth rate of new orders slowed at the end of 2021, growth was supported by strong demand from customers, domestic and foreign. However, some enterprises reported that several customers hesitated when placing new orders due to significant increases in prices. Manufacturing companies raised their workforce in December at the fastest rate since February 2020, while the growth rate of pending works eased from November’s record. Inflow prices rose significantly in December, with enterprises continued to roll over the higher cost to customers, with selling prices rising remarkably. Purchasing activity grew at the fastest rate since February 2020 and inventories fell. Manufacturing companies were more optimistic over developments in 2022.
The PMI is a composite index measuring business activity in the manufacturing sector. Readings above 50 indicate a growing sector, while readings below 50 a shrinking sector.