Tourism, Exports Boost July Business Expectation Index in Greece

Tourism and exports together with Greece’s exit from its bailout program and the promise that the necessary reforms will be implemented, have boosted the country’s business expectations index for July, the Foundation for Economic & Industrial Research (IOBE) said.

According to IOBE’s monthly bulletin, industry’s business expectations improved to 105.9 points in July, compared to 103.1 points in June and to 96.6 points in June 2017.

The Athens-based think-tank said the ongoing dynamic of tourism and an increase in foreign trade have also contributed to the improved sentiment. Indicatively, industrial product exports increased by 11.1 percent in May compared to May 2017, and was up by 12.2 percent in the January-May period against the same five-month period in 2017.

At the same time, Hellenic Statistical Authority (ELSTAT) data found that industrial production also showed a slight sign of improvement up by 0.5 percent in April.

The business community active in industry is reservedly confident with regard to production, employment, sales, orders and stocks, with 29 percent of enterprises forecasting an increase in production rates, 15 percent expecting a rise in employment rates, and 34 percent estimating a boost in sales.