The economic climate index declined in November and stood at 106.2 points, from 106.6 points in October.

As noted in an IOBE economic situation survey, in the business field, this development is the result of marginal decline in expectations in retail tradeof mild weakening in manufacturing and construction, while upbeat expectations in services do not offset other trends.

From the other side, the consumer confidence index weakens marginally. In general, this year the climate index is relatively high compared to last year, when in fact in the EU and the Eurozone the central trend is rather downward. From the summer onwards, when the political field stabilized after the election contests, there have been no significant changes in the course of economic policy nor in the broader data of the economy. According to IOBE, in this period the economic climate is generally positive, but it also reflects a number of important challenges and uncertainties. Businesses, in various sectors, are operating in a Greek economy that is stronger than a few years ago, but their costs are increasing and demand is expected to be squeezed. Consumer confidence is moving at relatively lower levels, at a level of general stability, but having largely incorporated the strong impact from inflationary price pressures. In more detail:

-in the industry, the negative balance of estimates for orders and demand eased, but estimates for inventories escalated, while positive forecasts for production in the coming months remained unchanged.

-in construction, negative forecasts for output were maintained, while positive forecasts for employment weakened slightly.

-in retail trade, estimates for current sales are down slightly, with inventories decelerating slightly, while forecasts for near-term sales growth are weakening.

– in the servicesthe positive estimates for the current state of businesses strengthened, those for demand moved correspondingly upward, while at the same time forecasts for the short-term evolution of demand fell slightly.

-in consumer confidence, households’ negative forecasts for the country’s economic situation weakened while the corresponding ones for their own economic situation strengthened. At the same time, forecasts for major markets worsened and the intention to save weakened sharply.