The Greek manufacturing sector is losing momentum, as demand negatively affected the sector’s overall performance, according to the latest PMI® survey data from S&P Global.
More specifically, S&P Global’s seasonally adjusted Purchasing Managers’ Index® (PMI®) for the Greek manufacturing sector closed at 50.3 points in September, down from 52.9 points in August, indicating a further loss of momentum throughout the industry. Operating conditions improved marginally compared to the previous month and to the least appreciable extent recorded in the current eight-month period of continuous growth.
The significant slowdown in the growth rate of new orders received by Greek manufacturers in September contributed to the decline in the price of the main index. According to reports, demand from the customer side has been limited due to their reduced purchasing power and subdued interest from the domestic market following the extreme weather conditions.
Total new sales were also negatively impacted by the further decline in new export orders. Low demand in key export markets have started to affect interest in Greek manufacturing goods. As a result, companies increased their production levels at a slower pace at the end of the third quarter. In some cases, companies also noted that damage occured by the floods had affected supply chains and production capabilities.
