Industrial production set for 2.8% growth

Greece’s industrial output is set to rebound 2.8% this year, according to the readings of the Purchasing Managers Index (PMI) compiled by IHS Markit. The index showed a significant improvement last month, rising to 54.4 points against 51.8 points in March, Markit announced, mainly thanks to the increase in domestic orders. Nevertheless, the major increase in the cost of inflows continues, with Markit noting that raw material shortages have led to the fastest growth in costs recorded since May 1999. Several manufacturing insiders have expressed their concern over strong inflationary phenomena as a result of the unrest in the global supply chain created by the pandemic. In April Greek manufacturers steadily increased their employee numbers, and although the volume of unprocessed orders kept decreasing, that was at a slower pace.