IOBE: Greek economic sentiment index up in September

The Greek economic sentiment index rose further to 100.6 points in September from 99 in August and 98.2 in July, to the highest level since December 2014, the Foundation of Economic and Industrial Research (IOBE) said.

In a monthly report, IOBE said the construction and industrial sectors recorded significant improvement, while expectations in the retail commerce and services sector were largely unchanged in the month. Consumer confidence also improved, mostly due to less adverse estimates for unemployment. A recovery of the index throughout 2017 is compatible with a positive growth rate of the economy and expectations that the growth rate will be faster in the third quarter of the year.

More specifically, business expectations over production in the coming months recovered in the industrial sector, along with estimates over new orders and demand, while inventories de-escalated.

In the construction sector, estimates over the current work programme and employment improved, while in the retail sector estimates over current sales improved slightly in contrast with estimates over short-term sales and in the services sector, estimates over current condition improved along with estimates over current demand although positive estimates over short-term demand weakened.

Consumer confidence showed a significant improvement over unemployment forecasts, while forecasts for Greek household and public finances deteriorated. Saving intentions remained unchanged in September.

Economic sentiment improved further in the European Union and remained stable in the Eurozone in September.