Greek PMI rose to 54.1 points in November

Greek manufacturing production growth accelerated in November, with employment in the sector growing at the fastest rate in seven months, IHS Markit said in a report on Monday.

Sian Jones, an economist in IHS Markit, said that “Greece remained an optimistic benchmark point for the manufacturing economy in the Eurozone.”

The November figures showed a more rapid improvement of operating conditions in the manufacturing sector in Greece, supported by strong increase in production and new orders. Stronger demand by domestic and foreign customers led to a faster increase of the workforce and a higher business confidence level.

The seasonally-adjusted Purchasing Managers’ Index PMI rose to 54.1 points in November from 53.5 in October, recording one of the strongest growth rates of the decade.

Production growth was the fastest recorded since August, while new works grew also as a result of higher demand from domestic and foreign customers, while new export orders grew to a six-month high. Factory prices rose in November, at the fastest rate in more than 12 months, reflecting a partial roll-over of a higher cost burden. Inflow prices grew strongly, at the fastest rate since April because of higher raw materials’ prices and higher suppliers’ cost.

Greek manufacturers raised their workforce rapidly in November, at the fastest rate in seven months, while the volume of pending works fell at the fastest rate since February.

Business confidence improved in November as enterprises continued expecting an increase in production next year, with optimism supported by more favourable economic conditions in Greece and by new export opportunities.