Greece’s manufacturing sector improved further in March, according to the latest PMI® data from S&P Global.
The overall gain in the goods-producing economy was the strongest in nearly a year, as higher increases in output, new orders and employment supported growth. Companies increased their workforces and input purchases, driven by higher production demands and signs of labor stress.In addition, the backlog remained unchanged in March, following 19 months of continuous contraction.
At the same time, inflationary pressures intensified as input costs and selling prices rose more sharply. According to reports, more favorable demand conditions allowed companies to partially pass on higher costs to their customers.
Strong improvement in operating conditions
The seasonally adjusted S&P Global Purchasing Managers’ Index™ (PMI) for the Greek manufacturing sector closed at 55.0 in March, up from 52.6 in February, indicating a strong improvement in operating conditions for Greek goods producers. The latest increase was the fastest since April 2024 and a record high.
The overall growth in the manufacturing sector was driven by a significant acceleration in output growth at the end of the first quarter. Greek goods producers recorded the fastest increase in output levels since April 2024, as higher new orders and stronger customer demand supported the historically high increase.
Extending the current period of continuous growth to five months, March data indicated a higher increase in new sales by Greek manufacturers. Higher activity in the construction sector, along with stronger demand conditions both domestically and internationally, boosted new orders. The rate of growth was the fastest in about a year. Correspondingly, new export orders increased further and at a faster pace.
