The Greek Purchasing Manager’s Index (PMI) eased slightly in the beginning of the second quarter of 2018, IHS Markit said in a monthly report released on Wednesday.
New orders by domestic and international customers rose at a weaker rate, which led to smaller increases in production and employment. Purchasing activity grew at the weakest rate in five months, while inventories rose slightly in April. Business confidence grew compared with March to a new all-time record, while prices grew despite a weaker increase in average inflow prices.
The Greek PMI fell to 52.9 points in April, from 55 points in March, recording the weakest growth since November 2017. The growth was widespread, supported by the ninth consecutive increase in new orders, while external orders grew for the seventh successive month. Both growth rates weakened in April.
Despite this slowdown, Greek manufacturers continued hiring more staff in April, although at the slightly slower pace compared with March, while the volume of pending works fell for the first time since December.
Inventories grew at the slowest pace in the last four months, while production grew for the 11 month in a row in April, although at the weaker pace in five months.
The growth rate of inflow prices fell for the third successive month in April, while companies raised their selling prices.
The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector while readings below 50 a shrinking sector.