The Foundation for Economic & Industrial Research (IOBE) reported a marginal improvement in Greece’s economic climate, along with a mild decline in consumer confidence, in its Economic Developments Bulletin released today.
The economic climate index stood at 110.2 points in September, compared to 106.1 points the previous month and 106.8 points a year ago, according to IOBE.
The consumer confidence index dropped in September, reaching -51.3 points (down from -48.1 points the previous month), at a lower level compared to a year ago (-45.0 points).
Regarding developments in the industry sector, IOBE notes an improvement in business expectations, with the related index rising in September to 110.6 points (from 99.4 points a month earlier), higher than the corresponding level last year (100.5 points).
Some of the key findings in the bulletin concerning Greece’s economic climate are:
- New reduction in unemployment in August (y-o-y), down to 9.5% compared to a year ago.
- Slight rise in the economic climate in September due to improvements in the Industry sector. Deterioration in consumer confidence.
- Improvement in industry expectations, rising to 110.6 points in September from 99.4 points the previous month, higher than a year ago (100.5 points).
- Decrease in industrial production in August compared to July. A 3.1% increase (y-o-y) in Greece, compared to a 0.2% increase in the EU27. Improvement in domestic Manufacturing by 3.0% (y-o-y).
- Increase in industrial exports, up by 3.7% in July (y-o-y). Widening of the trade deficit to €3.7 billion from €3.2 billion a year ago.
- Decrease in employment in the Industry sector in Q2 2024, down by 2.6% (y-o-y), compared to an increase in the overall economy (+2.2%, y-o-y). From the Special Report “Domestic Industry Turnover Data for Q2 2024”.
