IOBE: Greek economic sentiment index down in May

Greek economic sentiment index fell to 93.2 points in May from 94.9 in April, but remained above last year’s levels (90.1 points in May 2016), the Foundation for Economic and Industrial Research (IOBE) said on Thursday.

IOBE, in a monthly report, said that business expectations deteriorated significantly in the industrial and construction sector, but improved in the services and retail commerce sectors. IOBE said a volatility in the economic sentiment index in the last few months reflected uncertainty over completion of negotiations between Greek authorities and its creditors.

More specifically, business expectations in the industrial sector deteriorated over production in the coming months and estimates over new orders and demand. In the construction sector, expectations over work program also deteriorated, along with estimates over employment. In the retail commerce sector, expectations over current sales improved slightly, while estimates over short-term sales improved to a larger extent. In the services sector, expectations over current situation improved slightly, along with estimates over current demand.

Consumer confidence showed signs of recovery, with Greek households slightly less pessimistic over their finances and the country’s finances. Estimates over unemployment and savings, however, deteriorated further.