GfK survey: Greek consumer climate gradually recovering

ARCHIV - Menschen tragen am 21.12.2013 in Stuttgart (Baden-Württemberg) Einkaufstüten. Am 11.03.2014 gibt das Statistisiches Bundesamt in Wiesbaden (Hessen) seine Zahlen zu den Veränderungen der privaten Konsumausgaben im Jahr 2013 bekannt. Foto: Franziska Kraufmann/dpa (zu dpa vom 11.03.2014) +++(c) dpa - Bildfunk+++

The continuing difficult economic and political conditions in Greece were reflected in the economic expectations of consumers last year, the GfK Consumer Climate survey for the fourth quarter of 2016 said on Thursday.

The consumer climate index was sharply down by May 2016, to -51.6 points (the lowest since January 2012), but began recovering gradually since then to reach -33.8 points in December, practically returning to December 2015 levels.

The report said that the country’s GDP grew by 1.8 pct in the third quarter of 2016, compared with the same period in 2015, but Greek consumers remained pessimistic, expecting a weak increase in revenue (the relative index fell 2.6 points to -40.1 points in the September-December period, or a loss of 22.1 points compared with 2015).

The unemployment rate is expected to have fallen by 1.2 percentage points in 2016, but remains the highest in Europe at 23.2 pct in the third quarter. Bad economic conditions reflected on Greek consumers’ trends on purchases. The index was up 6.7 points in the third quarter to -36.1 points, but remained at the same levels of Q3 2015.