Greece Factory Activity Slows Slightly in September

The S&P Global Greece Manufacturing PMI edged down to 54.0 in September from 54.4 in August, signaling a solid improvement in operating conditions, albeit at a softer pace. The slowdown in the headline index came despite stronger demand, with new orders rising at the fastest pace since March and export orders recording their strongest increase in 18 months. Output growth accelerated slightly, while employment continued to expand at a sharp pace as firms responded to stronger order inflows. However, input purchasing lost momentum as firms relied more on existing inventories, while transport disruptions and material shortages kept delivery delays elevated.Cost pressures intensified due to higher oil, fuel, energy and material prices, prompting a faster rise in selling prices. Business confidence softened slightly over concerns about pricing power but remained high, supported by planned technology investment and new client and contract wins.

The S&P Global Greece Manufacturing PMI edged up to 54.4 in August from 54.3 in July, signalling a stronger improvement in operating conditions and the strongest expansion since March. New orders grew at the fastest pace since March, supported by stronger client demand, while new export orders increased for a second month. Employment also expanded at the sharpest rate since May 2025, as firms increased staffing to meet rising workloads, while input buying also accelerated. However, output growth eased as material shortages and persistent supply chain disruptions constrained production. On the price front, input cost inflation accelerated due to higher energy, fuel and material prices, particularly oil-derived products, while output price inflation eased to its slowest pace since February. Meanwhile, business confidence strengthened to its highest since January 2024, supported by expectations of stronger orders, new client wins and investment in new facilities.

The S&P Global Greece Manufacturing PMI rose to 54.3 in July 2026 from 53.8 in June, signalling a solid improvement in operating conditions. Output expanded at the fastest pace in five months, supported by sustained client demand and further growth in new orders. Export orders also increased for the first time in six months and at the fastest rate since April 2025. Employment rose at the sharpest pace since November 2025, allowing firms to keep up with incoming work as backlogs declined for a second month. Input costs continued to increase, driven by higher material and energy prices, although inflationary pressures eased. Output price inflation also softened to a four-month low. Pre-production inventories fell for a fourth consecutive month amid longer supplier lead times caused by shipping delays and shortages. Firms remained optimistic about production over the coming year, although confidence eased slightly.