IOBE: Greek economic sentiment index up slightly in June

Greek economic sentiment index rose slightly to 101 points in June from 100.8 pct in May, but was down from 102.1 points in the same period last year, the Foundation for Economic and Industrial Research (IOBE) said on Monday.

The Foundation said that business expectations in most sectors were slightly higher, led by the retail commerce, while consumer confidence rose for the fourth successive month.

The report said that the economic sentiment index rose to its highest level in the last 9.5 years, as it integrated the effect of elections for the European Parliament and regional authorities in Greece. A government decision to call for early elections did not have any negative impact on business expectations.

More specifically, business expectations in the industrial sector recorded a slightly change in new orders and demand which forecasts over production in the coming months rose slightly along with forecasts over inventories.

In the construction sector, forecasts over work programme improved slightly while forecasts over employment fell also slightly. In the retail commerce, positive forecasts over current sales rose strongly along with forecasts over their short-term developments, while forecasts over inventories seemed to have eased. In the services sector, forecasts over current conditions rose markedly along with forecasts over current demand.

Greek households’ estimates over the country’s finances and their own finances improved further in June, while saving intention remained unchanged and expectations over unemployment rose slightly.