IOBE: Greek economic sentiment index up in April

Greek economic sentiment index grew to 103.6 points in April, from 99.8 in March, but remained slightly down compared with February (104.3 points), the Foundation for Economic and Industrial Research (IOBE) said on Wednesday.

IOBE said this development reflected an increase in all business sectors of the economy, with the exception of construction, and consumer confidence. This trend is consistent with prevailing economic growth rates, as the Greek economy gradually recovers following a strong economic growth globally.

IOBE said the improved index in April also reflected seasonal factors and the start of the tourist season. Also, an expected completion of the fourth review of the Greek programme, despite significant uncertainties remaining, created expectations that the economy will grow.

More specifically, business expectations in the industrial sector remained unchanged in new orders and demand, but estimates over inventories de-escalated and estimates over production levels in the next few months losing small ground. In the construction sector, estimates over work programme were positive, but estimates over employment deteriorated. In the retail commerce, estimates over current sales improved significantly, while positive estimates over their short-term trends strengthened more. In the services sector, positive estimates over the current condition of enterprises and current demand lost ground, while estimates over short-term developments improved slightly.

In consumer coinfidence, estimates over Greek households’ current finances and the country’s finances improved markedly, while estimates over unemployment showed a slightly improvement.