Greek economic sentiment index slightly up in July

Greece’s economic sentiment index rose slightly in July to 70.9 points remaining significantly down from its long-term average level, while consumer confidence fell to new record lows in the month, the Institute for Economic and Industrial Research (IOBE) said on Thursday.
The economic sentiment index improved slightly in all sectors of the economy, with the exception of the construction sector which fell to new record lows. Business expectations in the industrial sector showed that negative forecasts over production changed direction in July, recording the best performance in the last four months, while the inventories index fell slightly. In the services sector, negative expectations over the current level of works fell significantly in July, although expectations over demand worsened afresh.
In the retail sector, business expectations improved, while in the construction sector expectations over employment worsened in the month.
Greek households’ forecasts over their finances worsened markedly in July, falling to new record lows, while forecasts over the country’s finances remained extremely negative. Greek consumers remained the most pessimistic consumers in Europe, followed by consumers in Portugal, Romania and Bulgaria.

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