Greek Economic Sentiment Steady in Dec 2024

Economic sentiment in Greece remained stable in Dec 2024, with a slight decline in the industrial and retail sectors, while construction and services improved, according to the Monthly Industry Developments Bulletin by the Foundation for Economic and Industrial Research (IOBE). Consumer confidence also showed signs of improvement.

The economic sentiment indicator stood at 106.0 points in Dec., slightly down from 106.1 in Nov. and 105.9 last year. Consumer confidence improved to -44.5 points in Dec., up from -47.3 points last month, though still lower compared to the same period in 2023, when it stood at -40.3 points.

Exports saw a 3.3% increase in the third quarter of 2024, reaching 577 million euros, an increase driven by a 5.1% rise in service exports and a 1.2% growth in exported goods. Imports, on the other hand, rose by 4.2%, compared to a 3.1% increase in 2023. The trade deficit amounted to 4.6 billion euros, up by 340 million euros from the same period last year.

Industrial exports reached 2.7 billion euros in Oct. 2024, showing a 2.1% year-on-year growth, while the trade deficit for industry narrowed to 3.6 billion euros.

Fixed investment saw a modest increase of 0.3% in Q3 2024, following a 3.7% rise in Q2. This growth was primarily attributed to construction and machinery investment. However, investments in technology equipment fell by 3.7%, and other investments decreased by 7.1%.

Industrial production showed a slight year-on-year increase of 4.8% in Nov. 2024, while the EU27 experienced a 1.7% decline.

The domestic manufacturing sector saw a minimal increase of 0.5% compared to the same period in 2023.

The Business Expectations Index in Industry dropped to 101.6 points in Dec. 2024, from 105.9 points the previous month. However, it remained higher than the 94.1 points recorded last year.

Unemployment

The seasonally adjusted unemployment rate decreased to 9.7% in Nov. 2024, marking a 1 percentage point drop compared to Nov. 2023.
The number of unemployed individuals fell to 448,100, reflecting an 8.2% decline compared to the previous year.

Turnover

In terms of turnover, the industrial turnover index saw a 0.2% increase in Q3 2024, while the EU27 recorded a 2.3% decrease.
Total economic activity in Greece grew by 4.4% in current prices, a rebound from an 8.2% decline a year earlier, meanwhile, manufacturing turnover, excluding petroleum products, increased by 8.7%.