August Sees Greek Factory Activity in 9-Year-High

Growth in Greek manufacturing activity accelerated in August for a third consecutive month, as rising demand at home and abroad led firms to add jobs and increase production, a survey showed on Friday.

Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10% of the economy, rose to 52.2 from 50.5 in July, its highest print since August 2008. Readings above 50 denote expansion in activity.

The pick up in growth was driven by a solid increase in new business, the sharpest since May 2014, with export orders also rising for the first time in a year.

To keep pace with rising client demand, companies increased staffing numbers for the fourth straight month in August, at the most marked pace in more than 17 years.

While input price inflation remained solid, strong client demand boosted manufacturers’ pricing power, leading to higher factory gate prices on average, the survey showed.

As production grew, manufacturers increased purchasing activity at a rate that hit a nine-year high.