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Economy

Greek PMI Up to 54.8 Points in April

ATHENS – Greek manufacturing sector continued growing in April, with the Purchasing Managers’ Index rising to 54.8 points from 54.6 points in March, S&P Global said in a report on Tuesday. The report said that Greek manufacturers recorded a slightly increase in production in April at the slowest rate since April 2021. More specifically, new orders increased but shortages in materials and rising prices limited demand by customers. New orders grew more in April, atlhough at a rate slower than in 2021, while Greek manufacturers recorded a new increase in export orders. Selling prices continued rising as companies rolled over increasing costs to cusomers. Inflow costs and factory prices grew faster reflecting higher materials’ prices including plastics, chemicals and metals, along with higher transport and fuel costs. The volume of pending works grew at a slower pace in April, while manufacturers continued raising their workforce. Delivery times worsened in April, while business confidence in the sector weakened further. 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.

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