New orders accelerate as supply chain pressures persist

The Greek manufacturing sector recorded a stronger improvement in August, as new orders increased at a faster pace.

The stronger inflow of new business also supported faster increases in employment and input purchases. However, supply chain disruptions continued to weigh on the sector, with production growth constrained by material shortages and longer delivery times. At the same time, backlogs of work increased for the first time in three months, as companies struggled to build up purchasing inventories. By contrast, efforts to build safety stocks of finished goods proved successful, with finished-goods inventories increasing at their fastest rate since June 2008.

On the price front, input costs rose at a faster pace in August, driven by higher charges for oil products and energy. Output prices also increased at a historically high rate, although this was the slowest rate recorded since February.

The seasonally adjusted S&P Global Purchasing Managers’ Index (PMI®) for the Greek manufacturing sector rose marginally to 54.4 in August from 54.3 in July.

The latest data pointed to a significant improvement in operating conditions, the strongest recorded since March. The increase was supported by the continued and faster growth in new sales at Greek manufacturers’ factories in the middle of the third quarter.

Stronger customer demand contributed to the latest increase, which was the sharpest recorded in five months. Although new export orders increased for a second consecutive month, the rate of growth was broadly marginal.

Production growth slows

The further increase in new orders led to another monthly rise in production levels at goods-producing factories. Nevertheless, the pace of production growth slowed compared with July and was broadly moderate.

According to reports, shortages of certain items and pressure on supply chains constrained the recovery. Indeed, input delivery times lengthened in August at the slowest rate recorded since March, although pressure on the Greek manufacturing sector’s supply chains nevertheless remained historically high.

According to survey respondents, problems with road transport contributed to the delays.

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