By Chrysostomos Tsoufis

At the end of the year, the government is preparing to throw money into the market:

-€931 million for increases in the salaries of civil servants
-€430m for the increases in the main pensions
-€352m for the solidarity allowance for low pensioners, families with children and beneficiaries of social benefits
-€237 million for the heating allowance
-€107m for the personal accuracy allowance
-€31 million for the youth pass

A total of €2.1 billion, money which citizens are in dire need of and… the timing couldn’t be better.

The data of the IOBE monthly economic situation survey show that the economic climate index in the country fell for the third consecutive month in November, to 106.2 units, which is the 2nd lowest value of the year.

According to Eurostat, Greek consumers remain by far the most pessimistic in the Eurozone with the consumer confidence index falling to -45.6 points which is also the second lowest value in 2023. 11 above are Estonians at -34 points and a little higher in the “European loft” the Slovenians at -32 points and the Portuguese at -30.

In the “penthouse of the happy” we meet in turn Lithuanians, Poles and Danes.

Almost 2/3 of households (64%) expect product prices to continue to rise at the same or higher rate and only 1 in 10 while 17% expect price stability.

57% of Greek households estimate that their financial situation will worsen more or less in the next 12 months. A little higher is the percentage, 61%, of those who have the same assessment for the economic situation of the country in general.

Only 5% from 8% last month expect a noticeable or even slight improvement in their financial situation.

Unfortunately, 55% of households declare that they will spend less in the next 12 months, while the intention index for important purchases (electrical appliances, furniture) deteriorated to -44 points. Only 7% estimate that they will be able to spend more.

More than 8 in 10 (85%) do not think they will be able to save in the next 12 months. It is typical that while the relative index in Greece is negative by 67 points, in the Eurozone it is positive by approximately 3.7 points. Only 13% in Greece consider saving possible or very likely.

It is characteristic that 61% state that they barely make ends meet, 14% that they draw from their deposits and almost 1/10 (8%) that they have been charged. On the contrary, about 16%, declare that they manage to… put something aside.

Things are a little better in terms of unemployment forecasts. 37% expect an increase and 20% a decrease in the next 12 months.