The economic climate index remained at the same levels as in March in April (108.5 points, from 108.4 points last month), according to the IOVE.

In the individual business indicators, it is recorded slight weakness in Industry and Retail Trade and sharper decline in Constructionwhile in Services there is a slight improvement tof expectations. At the same time, the consumer confidence index is strengthening slightly.

As stated in the IOBE economic situation survey, the overall index this year, on average, is at approximately the same levels as last year. Therefore, the slight slowdown in the growth rates of the economy it does not have significant effects in terms of expectations both in business planning and in households.

As the summer season approaches and despite economic and geopolitical challenges in the external environment, current indications for inbound tourism are positive and overall the sector is expected to move at high levels, contributing strongly to a number of industries directly or indirectly linked to it .

At the same time, the impact of the Recovery and Resilience Fund is significant in critical aspects of the economy and in facilitating financing, and gradually the impact of the program, like other European resources, is expected to be stronger over the next two years.

From the other side, the economy is at a crossroads where many of the intervention or support measures that have been implemented are likely to be withdrawn and normal functioning resumed.

Overall, the economy is moving on a stable trajectory and more positive than the European averages, but the evolution of real incomes and the overall outlook of the economy will depend in the medium term from the economic policy choices as well as the significant challenges from the external environment.

In more detail:

  • at Industrythe negative balance of orders and demand estimates strengthened slightly, inventory estimates were unchanged while positive forecasts for production in the coming months fell.
  • at Constructionsthe negative forecasts for business work programs intensified significantly, while at the same time the positive forecasts for employment weakened marginally.
  • in the Retailestimates for current sales are down sharply, with inventory leveling off slightly, although forecasts for near-term sales growth are strengthening slightly.
  • at Servicespositive estimates for the current state of business improved slightly, while estimates for current demand are strengthening with forecasts for short-term demand developments strengthening more modestly.
  • in Consumer Confidence, households’ negative forecasts for the country’s economic situation narrowed slightly, as did the corresponding ones for their own economic situation. On the contrary, forecasts for major markets weakened slightly while the intention to save increased marginally.