Greek economic sentiment index up in April

Greek economic sentiment index grew to 94.9 points in April, from 93.4 in March, surpassing last year’s corresponding month reading of 90.7 points, the Foundation of Economic and Industrial Research (IOBE) said on Tuesday.

IOBE, in a monthly report, said business expectations improved in the services sector, it improved slightly in the retail commerce, it remained stable in the manufacturing sector but deteriorated in the construction sector.

Greek consumer confidence index remained at very low levels, but ended a three-month decline helped by expectations of an imminent conclusion a second review of the Greek bailout program (an agreement was reached in early morning hours of Tuesday).

More specifically, business expectations remained unchanged in the manufacturing sector, both positive estimates over production and negative estimates over new orders and demand.

In the construction sector, expectations over work program were more pessimistic, while very negative employment estimates improved slightly.

In the retail sector, positive estimates over current sales weakened afresh, in contrast with slightly more optimistic estimates over their short-term development.

In the services sector, negative estimates over the current condition of enterprises began reversing with estimates over short-term demand improving despite a deterioration of estimates over current demand.

Greek households were less pessimistic over their finances and the country’s finances, although estimates over unemployment and savings intention deteriorated further, the latter falling to a new historic-low level.