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Greek PMI modestly improves in September

02 October 17 - RE+D Magazine
Greek PMI  modestly improves in September

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Antulio Richetta

Director IBI Group
Greece's Purchasing Managers' Index PMI improved slightly in September, rising to 52.8 points from 52.2 in August, IHS Markit said in its monthly report released on Monday.

 

The seasonally-adjusted PMI index, measuring business activity in the manufacturing sector in Greece, remained above a 50-point reading, indicating a growing sector. It was the fourth successive monthly improvement of the PMI this year and the sharpest since June 2008.

A significant increase in new orders, the highest recorded in more than three-and-a-half years, contributed in the rise of the index, while new orders focused in domestic markets as new export orders eased slightly in September.

Based on increased demand, Greek manufacturers raised their production for the fourth successive month in September, at the highest rate in more than nine years. The increase was based on producers of consumer and capital goods, while manufacturers of intermediate goods recorded lower production.

Despite an increase in production, inventories fell for the second successive month. Employment rose for the fifth successive month, although at a slightly weaker rate compared with August, further reducing pending works. Average delivery times were extended at the fastest rate since May, while inflow prices rose at the highest rate in five months and outflow prices rose at the weakest rate since August.

Greek manufacturers remained optimistic that production will rise in the next 12 months.

 

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