Greek management consultants more pessimistic over economic developments in the third quarter of 2016

Greek management consultants were more pessimistic over economic developments in the country in the third quarter of 2016, compared with the previous quarter and compared with the same period last year, the Hellenic Association of Management Consulting Firms (SESMA) said on Monday.

Presenting the quarterly survey of the Greek Management Consultants Confidence Index (GMCCI), SESMA ’s president Vasilios Regouzas said “a slight deterioration of expectations recorded in the third quarter of 2016 seems to be the result of the negative impact from measures introduced after completion of the first review of the Greek bailout program, combined with an excessive delay in completing the review which led the economy into recession, although smaller than initially expected”. He noted that the economy showed signs of recovery in the third and fourth quarter of 2016, with a positive growth rate of GDP that “I hope it will have a positive impact on management consultants’ expectations”.

The Greek government must implement all those things agreed with its creditors on structural measures and a second review of the program must be completed by the end of November in order to boost economic recovery and improving expectations by both enterprises and consumers, Regouzas said. “Once more it must be understood that growth must be supported on healthy macro-economic data and a positive climate in the market. The government needs a series of events and comments to deliver positive messages to the market,” he added.

The average balance of positive/negative answers on price levels, growth rate, unemployment, private investments and exports was 9.2 pct at the end of September from 4.6 pct in June and 6.6 pct in September 2015. This development reflected a deterioration in private investments, unemployment and price changes, while on the other hand economic growth and exports recorded the most optimistic expectations.