Greek Manufacturing Activity Growth Slows in November

The S&P Global Greece Manufacturing PMI rose to 54.2 in January 2026 from 52.9 in December, the highest since last August. Growth was driven by a faster rise in production, supported by stronger customer confidence and a sharp increase in new orders, the quickest in five months. Demand improved both at home and abroad, with manufacturers reporting slightly better export sales to European markets. Firms responded to higher workloads by continuing to hire, extending a run of job creation that has lasted since late 2024, while improved capacity helped reduce backlogs. Cost pressures intensified, with input prices rising at the fastest pace since March 2025 due to higher metal and transport costs, and companies passed these increases on through higher selling prices. Supply chains faced some disruption from protests and logistics issues, leading to longer delivery times and lower inventories. Looking ahead, manufacturers remained optimistic, expecting production to rise further in 2026.

The S&P Global Greece Manufacturing PMI edged up to 52.9 in December 2025 from 52.7 in November. New order growth accelerated, supported by both domestic demand and modest exports, while output increased at its slowest pace in three months. Employment rose sharply, driven mostly by full-time hiring, marking the second-fastest pace since May, albeit slightly slower than November. Inventories increased modestly amid longer delivery times, while backlogs of work continued to decline, though the pace of contraction slowed. On the price front, input cost inflation accelerated to a nine-month high due to material shortages, while selling prices rose faster than November, though growth remained among the slowest in 2025, as companies sought to maintain competitiveness. Output expectations climbed to a seven-month high, reflecting hopes for stronger demand and planned investment in machinery and new products.

The S&P Global Greece Manufacturing PMI slowed to 52.7 in November 2025 from 53.5 in October. Output rose as new orders increased for a thirteenth straight month, but only fractionally, constrained by softer purchasing power and a renewed drop in export sales. Additionally, employment expanded at the fastest rate since May, helping firms reduce backlogs to its slowest pace in seven months. Purchasing activity also strengthened, its quickest rise since March 2024, adding strain to already stretched supply chains from longer delivery times. On the price front, input cost inflation stayed strong due to higher raw material prices, particularly metals, though the rate of increase slowed slightly from October. Selling prices only edged up as some firms offered discounts to support demand. Meanwhile, pre-production inventories grew, while stocks of finished goods were broadly unchanged. Business confidence dipped slightly, but remained supported by expectations of stronger demand ahead.