Economic sentiment slips to 5-month low
Greece’s economic sentiment eased marginally in May from the previous month, dipping to a 2011 low, as consumers remain downbeat about the state of the economy and their own personal finances, according to the Foundation for Economic and Industrial Research (IOBE).
IOBE said in a monthly report yesterday that its economic climate index – based on business expectations, subindices covering industry, construction, retail trade, services and consumer confidence – inched lower to 74 points, from 74.2 in April and 78.4 in March.
“Expectations among businesses and consumers cannot easily stabilize in a climate of uncertainty as the fiscal adjustment continues and the mix of austerity measures become more demanding,” the report said.
With almost all households expecting further hikes in unemployment in the next 12 months, Greek consumers have become the most pessimistic in the EU, the report added.