Greece Factory Activity Slows for 2nd Month

The S&P Global Greece Manufacturing PMI fell to 53.3 in October 2026 from 54.0 in September, marking a second consecutive monthly decline but remaining firmly in expansionary territory. Output, new orders and employment continued to rise amid improving market demand, with production recording its strongest growth since July. However, new order growth slowed to its weakest pace since May. Disruptions linked to the Middle East conflict continued to weigh on the sector, with supply chains under pressure and input delivery delays remaining widespread amid higher transport costs. Meanwhile, lower warehouse inventories and stronger production contributed to a second consecutive monthly decline in backlogs of work. Employment growth also boosted productive capacity. Despite the ongoing expansion, price pressures remained elevated. Confidence in the outlook subsequently deteriorated, falling to a five-month low.

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.