Econ sentiment index eases slightly in March 2023

The economic sentiment index in Greece eased slightly, to 106.8 points, in March 2023, down from 107.6 points in the previous month, the Foundation for Economic and Industrial Research (IOBE) announced on Monday.

In its monthly report, IOBE attributed the development to a deterioration of business expectations in the industrial sector, while in all other sectors the economic sentiment improved, in tandem with consumer confidence.

IOBE said economic fundamentals maintain a positive climate among businesses, as energy costs have eased, while the inflation rate remains high but is declining, on a month-by-month basis. Finally, expectations for this year’s tourism season are strong and consumption remains at high levels.

The report said expectations in the economy will depend on political developments, especially on the economic characteristics of a new government to emerge from the May 21 election.

Specifically, business expectations in the industrial sector showed a slight improvement in estimates regarding new orders and demand.

For the construction sector, negative estimates regarding production eased significantly, while in retail commerce, estimates on current sales rose significantly.

In terms of consumer confidence, households’ negative assessments over the country’s finances eased slightly. Forecasts regarding major purchases improved slightly, while saving intention rose slightly.