IOBE: Mild Drop in April Business Confidence Index (BCI) in Greece

The Business Confidence Index (BCI) in Greek industry recorded a slight drop in April, standing at 108.7 units (from 111.9 units a month earlier), marginally below last year’s level (108.9 units), according to the Foundation for Economic & Industrial Research’s (IOBE) Monthly Bulletin of Developments in Industry (May 2024).

The positive balance of expectations for employment witnessed a marginal decline, while the index for production forecasts also recorded a mild drop. The balance for price forecasts remained unchanged hovering in the positive range.

The balance for orders and current demand continued to record negative signs, while the consumer goods index was reinforced due to positive production forecasts. However, the indices for Intermediate goods, and particularly for Capital goods, declined mainly due to falling forecasts for orders and demand.

The utilization rate of industrial capacity increased in April to 80.7% from 72.9% in January, with secured production reaching 6 months compared to 5.5 months in January.

Industrial production in Greece saw a slight 0.6% decline in March compared to a year ago when it fell by 1.0% in the EU27. Interestingly, industry sectors saw mixed trends, with electricity witnessing an 8.2% growth, while mining-quarrying recorded a 2.5% decrease and manufacturing a 2.2% drop.

In sectors of high importance for the Greek economy, an increase was recorded in Food (2.2%), but Pharmaceuticals saw a 9.7% decline while the Basic Metals sector was down (-2.1%).

The Foundation for Economic & Industrial Research (IOBE) is a private, non-profit, public-benefit research organization.

Source: tovima.com