Key Takeaways
- Greek manufacturing growth stagnated in November 2025 as new orders rose at their slowest rate in over a year, per S&P Global data.
- Output growth eased amid worsening supply chain delays and continued input cost inflation, while export orders contracted further.
- Despite sluggish demand, firms increased hiring at the fastest pace since May, maintaining strong business confidence with plans to expand client diversification.
Greek manufacturing growth experienced stagnation in November 2025, highlighted by a marked slowdown in new orders, according to the S&P Global Greece Manufacturing Purchasing Managers’ Index (PMI) released on December 1. This cooling reflects weakening domestic and international demand amid ongoing supply chain disruptions, though the sector continued modest output expansion supported by increased employment.
New Orders and Output Reflect Stagnation in Manufacturing
The S&P Global Greece Manufacturing PMI slipped to 52.7 in November from 53.5 the previous month, signaling the slowest growth momentum during a near three-year expansion streak. New orders posted only marginal gains, marking the weakest increase since the 13-month growth period began. Manufacturers attributed reduced local consumer purchasing power as a key factor dampening sales. Meanwhile, new export orders contracted at an accelerated pace, pressured by tepid global demand.
Output in the manufacturing sector maintained moderate growth but at a slower clip than in October. To manage persistent production needs, companies increased hiring sharply, recording the fastest pace of job creation since May 2025. Purchasing activity also accelerated to its highest since March 2024 as firms sought to alleviate backlogs and strengthen inventories amid intensifying supply chain bottlenecks.
Supply Chain Woes and Price Pressures
Supply chain challenges deepened significantly, with delivery delays lengthening to their worst extent since November 2024. Participants cited international shipping disruptions and heightened procurement as principal causes. Input prices remained elevated, driven mainly by rising raw material and metals costs, though the rate of inflation eased slightly from October levels.
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Output price inflation softened substantially to a fractional rise, the slowest in the ongoing 27-month sequence of higher prices. Manufacturers engaged more in discounting and promotions to invigorate demand despite stagnant sales growth.
Siân Jones, Principal Economist at S&P Global Market Intelligence, commented, “November data indicated signs of a dwindling improvement in customer demand at Greek manufacturers, as new orders rose only fractionally. International sales acted as a drag on total new business, but overall operating conditions in the sector improved modestly.”
Stagnation Amid Positive Business Sentiment
Business confidence remained historically strong as firms expressed optimism about future output growth, buoyed by expectations of recovering demand and strategies aimed at diversifying customer bases. This positive outlook contrasts with the evident stagnation occurring in new orders and export markets.
The November PMI figures underscore Greece’s manufacturing sector navigating a phase of stagnation, shaped by subdued domestic demand, weakening external conditions, and persistent supply chain constraints. Investors and analysts should closely monitor how these factors evolve and impact hiring, purchasing, and pricing behaviors in the near term.
