Economic sentiment index down in April

Greece's economic sentiment index fell further in April to 74.2 points, from 78.4 in March, the Institute for Economic and Industrial Research (IOBE) said on Wednesday. In a monthly report, IOBE attributed this decline to a worsening climate in the manufacturing and retail commerce sectors and said consumer confidence continued falling in the month. IOBE said the economic sentiment index fell to 2010 levels, evidence that businesses’ and consumers’ expectations failed to improve in the 12 months since the country resorted to a European support mechanism. Business expectations remain poor while most consumers continued having doubts over an economic recovery in the country.

Business expectations in the manufacturing sector over production activity was negative in April, along with expectations over demand and new orders, while inventories continued rising.
In the services sector, negative expectations over the current level of activity slowed in April, with estimates over short-term demand remaining unchanged.

In the retail commerce, expectations over current sales fell significantly in the month, while estimates over sales outlook in the next three months fell further.

In the construction sector, expectations over the level of works in progress improved for the second consecutive month, although expectations over employment in the sector fell to new record low levels in April.
Consumer confidence worsened further, with Greek households’ expectations over their finances falling in April, along with their expectations over the country’s economic situation and their intention to save money.
Expectations on unemployment in the next 12 months rose further.

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