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Economy

Greek Economic Sentiment Index down to 88.5 Points in May

ATHENS – The Greek economic sentiment index deteriorated further in May falling to 88.5 points from 99.3 in April, the Foundation for Economic and Industrial Research (IOBE) said in a report on Monday. IOBE said all sectors, with the exception of construction, recorded a worsening in expectations, while consumer confidence eased slightly.

The Foundation said that a gradual resumption of economic activity after the two-month lockdown failed to ease pessimism among consumers and enterprises and noted that the economic environment in the country was currently in a phase of transition, with business expectations varying according to developments in the pandemic, in the European Union and in the planning of economic policy. IOBE stressed that an economic crisis is expected to last a long time and affect all economic sectors.

More specifically, business expectations in the industrial sector showed a further widening of a negative balance of estimates over orders and demand. Expectations over inventories also widened, while estimates over production in the coming months eased slightly. In the construction sector, negative estimates over the production programme strengthened, while negative estimates over employment improved slightly. In the retail sector, positive estimates over current sales deteriorated along with estimates over their short-term trends. In the services sector, expectations over the current condition of enterprises fell strongly, along with estimates over current demand. Finally, Greek households' estimates over public finances fell slightly, while estimates over their own finances improved slightly.

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