Expansion of the Greek manufacturing sector: Greece at the top of the Eurozone

The expansion of the Greek manufacturing sector in November is shown by the data of the PMI survey by S&P Global.

The seasonally adjusted S&P Global PMI for the manufacturing sector in Greece stood at 50.9 points, up from 50.8 points in October, ranking our country at the top of the Eurozone.

Greece

In November, PMI survey data from S&P Global further indicated an improvement in overall business conditions across the breadth of the Greek manufacturing sector.

This improvement was due to an increase in production volume and a modest recovery in the number of employees. However, demand conditions were relatively subdued as new order totals remained broadly unchanged from October due to the continued burden of declining export sales.

Meanwhile, cost pressures eased to a four-month low in November, which survey respondents attributed to lower raw material prices and reduced transportation costs.

At 50.9 points in November, the seasonally adjusted S&P Global PMI for the manufacturing sector in Greece registered a value marginally above 50.8 points in October and the highest in the last three months. Improvements in operating conditions have been recorded every month since February, however, the latest increase was moderate.

The latest survey data indicated another steady increase in production volume, which extended the current period of continuous growth to ten months. The higher production levels were due in part to efforts to reduce the backlog. November’s data indicated a fall in the backlog for the fourth straight month.

Companies in the manufacturing sector indicated stagnation in the inflow of new orders during November. The corresponding seasonally adjusted index recorded its lowest value since January.

Manufacturing in the Eurozone

The Eurozone HCOB manufacturing PMI was revised slightly higher to 44.2 in November 2023, from 43.1 in October and the highest level since May.

However, the latest reading still points to the seventeenth straight month of contraction in the bloc’s manufacturing sector, with Austria leading the decline, closely followed by Germany and France.

Production continued to decline at a steady, albeit slower pace, along with new orders and export sales. The job backlog fell in November, extending the ongoing run of job backlogs to a year and a half, while the pace of job losses was the fastest since August 2020.

In addition, according to ifimerida, supplier delivery times fell for the tenth month in a row in November. In terms of prices, both input costs and production costs remained in deflationary territory. Finally, business confidence improved, reaching a three-month high.