Consumer sentiment in Greece down in March 2022

The consumer sentiment indicator in Greece eased to 113.2 points in March 2022, down from 114 last month, February 2022, although the figure remained close to its highest level over the past year (2021), the Foundation for Economic and Industrial Research (ΙΟΒΕ) announced on Friday.

Business expectations sharply fell in the services sector, less so in retail commerce. Expectations improved in the industry and constructions sector, IOBE said.

Business expectations in the retail commerce fell in March for a third month in a row, hit by rising inflationary pressures and repercussion from Russia’s invasion of Ukraine.

IOBE said the impact of the war is reflected mainly in consumer confidence, which fell in March 2022 to the lowest level in 16 months, after a two-month increase.

IOBE said geopolitical and economic developments are forecast as the main factors for conditions to prevail in the Greek and global economy.

At the economic level, initial impact on energy costs is felt on the supply chain of certain consumer products and raw materials. However, the long-term impact on supply chains cannot be accurately estimated.