Greek Purchasing Managers’ Index (PMI) eased to 53.5 points in June from 54.2 in May although Greek manufacturers remained optimistic over developments in the next 12 months, IHS Markit said in a monthly report released on Monday.
Production in the manufacturing sector grew for the 13th successive month in June, while growth rates remained, generally, unchanged from May, while the volume of new orders grew in June. More new orders were recorded both from domestic and foreign markets in the month, with new works rising for the 11th month in a row, while new export orders grew for the ninth successive month and new orders from abroad grew at the fastest rate since January. Manufacturing companies also used their inventories to cover the needs of new orders. Manufacturers also tried to increase their production capacity, employment grew at a significant rate in June, while the growth rate of purchasing activity accelerated to four-month highs. A higher workforce helped companies to reduce the volume of pending works for the third month in a row, while inflow cost grew for the second successive month in June (at the highest rate since January 2017). Companies managed to roll over some of the highest inflow cost to their clients raising outflow prices for the sixth month in a row. Finally delivery times was extended, although slightly.
The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector while readings below 50 a shrinking sector.