The Greek Purchasing Managers’ Index PMI fell to 52.4 points in June from 54.2 in May, IHS Markit said in a report.
The index showed a moderate improvement in the growth rate of the Greek manufacturing sector, the slowest recorded since November 2017. The PMI remains on a growing trend for 25 months in a row.
New export orders grew slightly in June, production grew steadily but at the weakest rate since October 2018, while manufacturing companies increased their workforce at a slower pace in June, adjusting to conditions of lower demand. The volume of pending works fell for the fifth month in a row as production growth rate exceeded the growth rate of new orders.
Greek manufacturers indicated a new decline in outflow prices in June as inflow prices grew moderately as the inflation rate weakened to the slowest rate since July 2016.
Purchasing activity continued growing steadily in June despite the fact that the growth rate was the weakest in 14 months. Inventories fell at the highest rate in 28 months. Manufacturing companies remained strongly optimistic over production trends in the next 12 months.
The PMI is a composite index measuring business activity in the manufacturing sector. Readings above 50 indicate a growing sector while readings below 50 a shrinking sector.