ATHENS – Greek economic sentiment index dropped to 105 points in April from 112.1 points in March, to its lowest level in 12 months, the Foundation for Economic and Industrial Research IOBE said on Tuesday. More specifically, business expectations worsened strongly in the services, constructions and industrial sectors and less in the retail commerce sector. Land transport were hit strongly because of higher fuel costs, while expectations in the retail commerce deteriorated for the fourth month in a row reflecting rising inflationary pressures. IOBE said the impact of the war in Ukraine were reflected in consumer confidence which fell strongly in April to its lowest levels since August 2017.

Business expectations in the industrial sector showed a strong decline in orders and demand while positive expectations over production in the coming months rose slightly. In the construction sector, negative estimates over production rose significantly, while estiamtes over employment improved slightly. In the retail sector, estimates over current sales eased slightly while estimates over short-term trends in sales weakened. In the services sector, positive estimates eased markedly, estimates over demand eased slightly and estimates over the short-term trends of demand deteriorated strongly. In consumer confidence, households’ negative estimates over the country’s finances rose slightly while estimates over purchases fell strongly and intention for saving eased.