Greece’s manufacturing expanded at the slowest pace in nearly a year in March due to sluggish growth in output and orders amid weaker demand, preliminary survey results from S&P Global showed Friday.
The Purchasing Managers’ Index, or PMI, for the manufacturing sector fell to 54.6 from 57.8 in February. A reading above 50 suggests growth in the sector. Costs and selling charges rose at near-record pace as increase in material costs and fuel bills were exacerbated by the war. “War in Ukraine, higher costs and reduced disposable incomes led confidence to drop to a 16-month low,” S&P Global economist Sian Jones said.
“Downward revisions have also been made to our forecasts, with industrial production now expected to rise by 2.3% in 2022.”