ECONOMY

PMI climbed to 19-year high last month

pmi-climbed-to-19-year-high-last-month

The prospects of Greek manufacturing are at a peak last seen in June 2000, according to IHS Markit’s Purchasing Managers Index (PMI), which gave a 56.6-point reading for April, up from 54.7 points in March.

This advance is attributed to a rapid increase in new orders both domestically and from abroad, which in turn resulted in an increase in employment and a reduction in stocks. Another positive development has been that Greek manufacturing firms sold their products at increased prices, which is seen as an indication that they have established their position in several foreign markets and enjoy a steady clientele.

IHS Markit reported a rapid increase in new activity for Greek manufacturers in April, the fastest recorded since February 2018, with fresh orders originating from new as well as existing customers alike.

As a result, the job creation rate has increased significantly to record a historic high, matching the advanced demand for output and the efforts to ensure timely delivery of orders. The constant rise in new activity and the greater demand from local and foreign customers have contributed in the highest degree of optimism on a future increase of output since July 2012.