FX.co ★ Greece Manufacturing Growth Eases In June

Greece's manufacturing sector experienced its slowest growth this year, as indicated by softer increases in both output and new orders, according to preliminary survey data from S&P Global released on Monday.

The Purchasing Managers' Index (PMI) for manufacturing fell to 54.0 in June, down from 54.9 in May. Despite the decline, a PMI above 50 still signals expansion in the sector.

While new orders continued to grow robustly in June, the rate of growth slowed to its weakest in six months due to reduced confidence among existing customers. Consequently, the overall uptick in new orders moderated.

This led to a successive easing in output growth from March's peak. Vendor performance also deteriorated further due to ongoing supplier challenges linked to shipping issues.

On the pricing front, input cost inflation remained pronounced in June, driven by escalated transportation and raw material expenses. Nevertheless, the inflation rate has slightly decreased since May. Concurrently, selling prices have risen at historically high rates.

Business confidence saw some improvement in June, fostering job creation. Although employment grew strongly, it did so at the slowest rate in four months, as companies focused on reducing backlogs.