The Greek Purchasing Managers’ Index (PMI) was 53.5 points in July, unchanged from June, but remained on a growth course for the 14th month in a row, IHS Markit said in a report released on Wednesday.
The survey said that production by Greek manufacturers grew further because of the strong arrival of tourists in the country, boosting new works for the 12th month in a row. All sectors recorded in the survey showed an increase in new orders in July compared with June and particularly the intermediate goods production sector. Demand was stronger both at home and abroad, with export orders rising in July, while manufacturers hired more workers, continuing a trend that began in May 2017. An increase in employment contributed to a decline in the volume of pending works for the fourth consecutive month.
Greek manufacturers raised their purchasing activity in July, although at a slightly slower rate compared with June and supply inventories fell for the first time since December 2017. Average inflow prices continued growing due to a higher cost of raw materials, with some companies raising outflow prices. Delivery times were extended again in July.
Greek manufacturers remained relatively optimistic over production trends next year, while business confidence eased slightly compared with June but remained at high levels due to expectations for better financial conditions in the country.
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.