The economic climate in Greece is on track to improve, according to IOBE

The economic climate in Greece is on track to improve, according to IOBE. The economic sentiment index also increased in January to 104.9 points compared to 103.5 points in December, the highest performance in the last 10 months.

IOBE details in detail

According to an economic situation survey by IOBE, the rise comes from the improvement of expectations mainly in industry and less in construction and retail trade, while consumer confidence is also improving.

Inflationary pressures, according to IOBE, are “gradually softening compared to last year and, so far this winter, energy prices have not created as much of a problem as it was feared they would, thus reducing pessimism.” But despite the downward trend, inflation is still running at very high levels, especially in critical categories such as food, and conditions of pressure on households and the market remain. Also, the intense turmoil in the energy sector certainly cannot be considered to have closed their cycle. Overall, the uncertainty about the economic developments in our country and more broadly is maintained, as long as the war in Ukraine continues and imbalances accumulate in the European economy. At the same time, as the pre-election period progresses, a general improvement in expectations for the course of the economy and the future position of households and businesses can be expected, in accordance with a corresponding effect on the economic climate that previous parliamentary elections had.”

In more detail:

– in manufacturing, the negative balance of estimates for orders and demand was little changed, estimates for inventories fell and positive forecasts for production in the coming months strengthened significantly.

➢ in construction, the negative forecasts for production strengthened slightly, while, on the contrary, the positive forecasts for employment improved slightly.

➢ in retail trade, estimates for current sales were significantly strengthened, with the level of inventories maintained at the same levels, while forecasts for the short-term development of sales declined slightly

➢ in services, the positive estimates for the current state of business declined significantly, as did those for demand, while forecasts for the short-term development of demand weakened more mildly.

➢ in consumer confidence, households’ negative forecasts for the country’s economic situation dropped noticeably, as did the corresponding ones for their own economic situation. At the same time, forecasts for major markets worsened marginally and the intention to save increased slightly.

RES-EMP

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