IOBE: Greek Economic Mood Boost in October

Consumer confidence and improved services account for October’s bolstered economic sentiment (ESI) in Greece, a Foundation for Economic & Industrial Research (IOBE) survey showed this week.

The index, which measures expectations in industry, services, retail and construction along with consumer confidence, rose to 93.8 points from 91.4 in September.

“Generally with the implementation of the program, albeit with delays but without substantial surprises, it seems that economic expectations which had decreased in July 2015 are gradually returning to normal levels,” the report said.

On the downside however, consumer confidence in retail trade and construction deteriorated. The ongoing evaluation process ahead of funding has created uncertainty, the IOBE report said, adding however that the ESI’s improvement is an indicator of a return to slightly positive rates in the second half of the year.

Confidence levels in Hotels – Restaurants – Travel Agencies remained the same in October at 109.1 points (from 109.6), higher than last year at 82 points.