Greece Sees Economic Sentiment Rise in October

Athens, Syntagma square. Photo: Visit Greece / H. Kakarouhas

The economic climate in Greece appears to have improved in October, according to the European Commission’s (EC) monthly analysis, which also reports a slowdown in eurozone recovery.

More specifically, the country’s Economic Sentiment Indicator (ESI) increased in October to 92.3 points from 89.5 in September.

The ESI is a composite indicator made up of five sectoral confidence indicators with different weights: industrial confidence; construction confidence; services confidence; consumer confidence; and retail trade confidence.

EC analysts attribute Greece’s ESI increase to improved confidence in all areas of business activity: industry -9.0 from -18.1 points; services -25.6 from -26.9; retail -15.3 from -21.1; and construction -46.6 from -52.1.

Consumer confidence however dropped in October by -45.5 from -41.0 points.

Greece’s Employment Expectations Indicator (EEI) also rose to 106.6 from 105.3 points.

In the eurozone, meanwhile, ESI came to 90.9 points, the same as in September, while EEI fell to 89.8 from 91.6 points.

Eurozone ESI reflects the decline in consumer confidence and confidence in the services sector, which offset the ongoing recovery in industry, retail and construction confidence.

Among the eurozone’s largest economies, ESI improved in Germany (1.5 points) and Italy (1.2 points).

It fell significantly in The Netherlands (-2.2 points) and France (-4.5 points). The climate in Spain remained stable (-0.2 points).