Greek economic sentiment index eased to 90.7 points in January

Greek economic sentiment index eased to 90.7 points in January from 91.8 in December, reflecting a mild weakening of expectations in the services sector, the Foundation for Economic and Industrial Research IOBE said in a report on Monday.

In a monthly report, IOBE said that the restart of a some activities, mainly in the retail commerce, contributed in boosting expectations in a significant part of domestic economy. Also, the restart of a vaccination programme, combined with the relief from mild pandemic data after the holiday period helped creating a more positive climate among Greek households and enterprises. On the other hand, however, significant uncertainties remained over the developments in the pandemic, the flow of vaccines, a temporary loosening of restrictive measures and the impact of the crisis on tourism and households. In any case, the report noted that developments in the near futures will play a decisive role on economic trends in 2021.

More specifically, business expectations in the industrial sector showed a mild decline in a negative balance of estimates over orders and demand, while positive estimates over production in the coming months rose further. In the construction sector, negative estimates over production rose significantly, while negative estimates over employment eased. In the retail commerce, negative estimates over current sales fell slightly while negative estimates over short-term sales weakened significantly.

In the services sector, negative estimates over the current situation of enterprises changed slightly. Finally, consumer confidence showed an increase in negative estimates of households over the country’s finances, while estimates over purchases and saving improved.