Greek Factory Activity Growth Softens to 7-Month Low

The S&P Global Greece Manufacturing PMI fell to 52.4 in April 2026 from 54.5 in the previous month. This marked the lowest reading since September 2025, as growth momentum moderated across output and new orders. New orders slowed to a fractional pace, while new export orders declined at the fastest rate since December 2022, reflecting weaker external demand amid global uncertainty linked to the Middle East conflict. Production growth also eased to its weakest since November 2024, weighed by supply-chain disruptions and material shortages, with supplier delivery times lengthening markedly. Input costs increased at the fastest pace in nearly four years, driving the steepest increase in output prices in three-and-a-half years as firms passed through higher costs. Employment and purchasing activity continued to expand but at a slower pace, while business confidence remained subdued despite the sector staying in expansion for a 39th consecutive month.

The S&P Global Greece Manufacturing PMI edged up to 54.5 in March 2026 from 54.4 in the previous month. This marked the highest reading since August 2025, supported by continued growth in both output and new orders, which have risen in tandem every month since November 2024 amid resilient domestic demand. Manufacturers also increased hiring in March to meet rising production needs, albeit with job creation slowing to an eight-month low due to higher costs. On the price front, input cost inflation intensified to its strongest level since June 2022, driven primarily by higher oil, energy, and raw material prices. In response, output charges accelerated at the fastest rate in nearly three and a half years. Finally, business confidence fell to its lowest level in just over a year and a half, with manufacturers citing persistent uncertainty surrounding the Middle East conflict and its potential impact on raw material costs and supply chain stability.

The S&P Global Greece Manufacturing PMI rose slightly to 54.4 in February 2026 from 54.2 in January, marking the fastest improvement since August 2025. Growth was driven by sharper increases in production and new orders, the latter rising at the steepest pace in six months, largely supported by domestic demand. Firms continued to hire and expand purchasing, although difficulties finding suitably-skilled staff limited the pace of job creation, while backlogs of work accumulated for the first time in ten months. Input costs rose at the fastest rate in almost a year, driven by higher metals and transportation prices, yet selling price inflation softened as companies sought to balance cost pass-through with competitive pricing. Supplier performance also improved, delivery delays eased, and inventories were accumulated for the first time in two and ten months. Manufacturers remained confident of output growth over the next 12 months, supported by planned investments and new projects.