Greek manufacturers reported a ‘solid’ improvement in operating conditions in September, driven by faster growth in both output and new orders, according to the latest S&P Global Greece Manufacturing PMI.
“Greek manufacturers continued to record a solid upturn in the sector’s health, as new order growth gained pace on a further improvement in demand,” commented Siân Jones, principal economist at S&P Global Market Intelligence. “Firms also hired additional workers at a sharp rate in a bid to expand capacity.”
Seasonally adjusted PMI
The seasonally adjusted PMI fell slightly to 54.0 in September from 54.4 in August, but remained well above the 50.0 level that separates expansion from contraction. The latest reading indicated the sector’s health improved for the 11th consecutive month, although the pace of improvement was the slowest for three months.
New orders increased at their fastest rate since March, extending a period of growth that began in November 2024. Manufacturers reported stronger demand from both domestic and international customers, with new export orders rising at their fastest rate since March 2025.
Demand from customers in Europe and Asia was cited as supporting the increase in overseas sales, S&P Global noted.
Higher new order volumes supported another increase in manufacturing output. Production rose at a solid pace, slightly faster than in August and above the long-run series average.
Increased employment
Manufacturers also increased employment at a sharp rate as companies sought additional capacity to handle incoming orders. Although the pace of job creation eased from August’s recent high, firms commonly reported hiring full-time employees.
Supply chain pressures also eased during the month. Supplier delivery delays remained evident, with transportation and logistics problems and shortages of stocks contributing to longer lead times, but the deterioration in supplier performance was the least marked since February.
Cost pressures
At the same time, cost pressures strengthened. Higher oil, fuel, energy and material prices linked to the war in the Middle East contributed to a faster increase in manufacturers’ input costs, S&P Global noted. The rate of input cost inflation was broadly in line with the average recorded so far in 2026.
Manufacturers responded by increasing selling prices, although the pace of output charge inflation was slower than earlier in the year.
“The impact of war in the Middle East, most notably through higher oil prices, weighed on the sector,” Jones added. “Underlying data signalled a steeper uptick in input costs and marked delays to lead times for materials. As such, some firms eased expansions in input buying and prioritised inventory depletion instead.
“Concerns on pricing power and profit margin strain dampened business confidence, but firms were optimistic overall on their prospects for the coming year.” Read more here.
