
Recent data regarding indices such as the Consumer Confidence Index, the Economic Sentiment Indicator, the Employment Expectations Index and the Manufacturing PMI both for the Greek and European economies, for September and October of 2024 reveal concerning trends.
In Greece, consumer confidence continues to show significantly lower values compared to the EU27 countries. Specifically, the index dropped from -48.1 points in August to -51.3 the next month, seeing a slight increase to -50.3 in October.
This is indicative of the ongoing deterioration in household expectations regarding the country’s economic prospect. On the other hand, the same index in the EU27 rose to -11.2 points in October from -12.2 and -11.7 in August and September respectively.
The Economic Sentiment Indicator for Greece increased in September, reaching 110.2 points, before dropping to 107.0 points in October. Despite this decline, the value remains above the long-term average of 100 points.
In the other 27 EU countries, the index remained stable at 96.7 points in September but decreased slightly to 96.0 points in October, indicating a continued flat outlook.
In Greece, the employment index has fallen to 112.4 in October from 113.1 points in September while the index slightly improved reaching 100.0 points in October from 99.9 points the previous month, aligning with the long-term average.
Regarding the Purchasing Manager Index (PMI), in Greece it rose from 50.3 points in September to 51.2 points in October, indicating ongoing growth in the manufacturing sector. This improvement was driven by a rise in production and employment although there was a decline in new orders both on a domestic and international scale.
In the Eurozone, the PMI increased to 46.0 points in October, up from 45.0 in September, marking a five-month high. Despite this, the index has remained below the 50-point threshold for 28 consecutive months, indicating ongoing contraction, especially in major economies like Germany and France.
Overall, data reveals that the Greek economy shows resilience, with positive signals from the manufacturing sector and cautious optimism among businesses. However, consumer confidence remains significantly low, and the decline in new manufacturing orders suggests limited demand.
Therefore, there is need for policy interventions in order to boost demand, stabilize the labor market and support industrial production.
Source: tovima.com


Latest News

PM Mitsotakis to Chair New Democracy’s Committee Meeting
Today’s meeting is seen as a crucial opportunity to halt internal disputes within ND and reaffirm unity within the party.

Trump Tariffs Jeopardize Growth: Piraeus Chamber of Commerce
The tariffs, aimed at reducing the U.S. trade deficit, are expected to have both direct and indirect effects on the European economy

EU Condemns Trump Tariffs, Prepares to Retaliate
As tensions escalate, the EU is expected to continue negotiations with Washington while preparing for potential economic retaliation.

The Likely Impact of Trump Tariffs on Europe and Greece
Trump tariffs are expected to negatively affect economic growth in the Eurozone while Greece's exports could take a hit.

Motor Oil Results for 2024: Adjusted EBITDA of 995 mln€; Proposed Dividend of 1.4€ Per Share
Adjusted EBITDA for 2024 was down 33% yoy. The adjusted profit after tax for 2024 stood at 504 million euros, a 43% decrease from the previous year

Cost of Living: Why Greece’s 3% Inflation Is Raising Alarm
Greece appears to be in a more difficult position when it comes to price hikes, just as we enter the era of Trump’s tariffs.

Fitch Ratings Upgrades the Four Greek Systemic Banks
NBG’s upgrade reflects the bank’s ongoing improvements in its credit profile, Fitch notes in its report, including strong profitability, a reduction in non-performing exposures (NPEs), and lower credit losses

Trump to Announce Sweeping New Tariffs Wednesday, Global Retaliation Expected
With Trump's announcement just hours away, markets, businesses, and foreign governments are bracing for the fallout of one of the most aggressive shifts in U.S. trade policy in decades.

Inflation in Greece at 3.1% in March, Eurostat Reports
Average inflation in the eurozone settled at 2.2%, compared to 2.3% in February

Greece’s Unemployment Rate Drops to 8.6% in February
Despite the overall decline, unemployment remains higher among women and young people.