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Economy

Greek PMI Stable at 57.8 Points in February

ATHENS – Business conditions in the Greek manufacturing sector continued improving in February, with the Purchasing Manager’s Index PMI at 57.8 points, slightly off compared with 57.9 points in January, IHS Markit said on Tuesday.

The February reading was the weakest improvement of the operating conditions in the Greek manufacturing sector since July 2021, attributed to a decline in demand, employment and inventories, although production grew stronger in the month, while delivery times also moved positively.

New orders grew for the 11th month in a row in February, but the rate of growth eased for the sixth consecutive month, while new export works slowed for the fifth consecutive month. Production increase was the strongest in five months and above the average growth rate since April 2021 when the recovery began. Prospects for the next 12 months weakened, but remained at historically high levels. The volume of pending works grew at the weakest rate in six months, but still remained at record levels. Employment levels grew strongly in February as manufacturing companies tried to cover increases in employee sick leave due to the Covid pandemic.

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