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  • Greek economic, industrial think-tank sees improved economic climate

    Overall, the economic climate index for 2017 was higher than it was in 2016 (96.2 points as compared to 91.8 in 2016), which is in line with the positive annual growth rate.

    ΤοΒΗΜΑ Team

    The Foundation for Economic and Industrial Research (IOBE) has found that the economic climate indicator improved in December, 2017, largely because of a rise industrial output and consumer confidence in Greece.

    The economic climate rose to 101 points in December, compared to 98.4 points in November, 2017.

    The 2.6 point rise comes on the heels of a two-month decline, and it is the best performance since November, 2014.

    Overall, the economic climate index for 2017 was higher than it was in 2016 (96.2 points as compared to 91.8 in 2016), which is in line with the positive annual growth rate.

    As for specific sectors of the economy, the stationary construction and services indices, and the fall of retail trade, were offset by the rise in industry and consumer confidence.

    Less uncertainty about economic course

    The improved economic outlook in December reflects the relative limiting of uncertainty regarding the course of the economy and the completion of the third evaluation of the current fiscal adjustment programme, without the lengthy delays of previous evaluations by creditors.

    Improved outlook in industry is linked to improved exports performance.

    The rise in consumer confidence reflects a decline in pessimism over the course of unemployment figures and their impact on families.

    All these developments are linked to the trend toward overall climate and outlook improvement in Europe, where households and businesses exhibit increased optimism, along with the entrenchment of strong growth rates.

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