Employment in the sector rebounded, with job creation reaching its highest level since July, as companies responded to increased orders and improving business confidence.S&P Global reported Thursday that Greece’s manufacturing sector expanded at its fastest pace since July in December, driven by increased production and new orders.
The Purchasing Managers’ Index (PMI) rose to 53.2 from 50.9 in November, indicating solid growth in the goods production sector. A PMI value above 50 indicates economic expansion, and below that level indicates contraction.
The year-end boost was due to improved demand conditions, with new orders increasing at the fastest pace since May. Export orders also showed solid growth, recording the largest increase since April, supported by demand from the United States, Europe, Asia and the Middle East.
Employment in the sector rebounded, with job creation reaching its highest level since July, as companies responded to increased orders and improving business confidence.
“Greek manufacturing will see growth momentum pick up in the final months of 2024,” said Sian Jones, chief economist at S&P Global Market Intelligence.
However, inflationary pressures intensified and input costs and production rates rose at an accelerating rate due to material shortages.
Nevertheless, Jones noted that inflation is expected to slow in 2025, with consumer prices expected to rise by 2% from 2.9% in 2024. Supplier delivery times have improved slightly, but delays continue and are impacting inventory levels.
