No change in eco­nomic sen­ti­ment

Kathimerini English - - Front Page -

Greece’s Eco­nomic Sen­ti­ment In­dex re­mained un­changed in June at 89.7 points, the Foun­da­tion for Eco­nomic and In­dus­trial Re­search (IOBE) an­nounced yes­ter­day. Although its read­ing was the same as in May, it is still be­low the level it was at a year ago – 91.2 points.

IOBE at­tributes this sta­bil­ity in the neg­a­tive level of 89.7 points (100 points is the wa­ter­shed be­tween op­ti­mism and pes­simism) to two op­pos­ing trends: the im­prove­ment in ex­pec­ta­tions in in­dus­try and the de­te­ri­o­ra­tion in re­tail com­merce and ser­vices can­celed each other out, while there is sta­bil­ity in the con­struc­tion sec­tor.

Con­sumer con­fi­dence strength­ened for a se­cond month in suc­ces­sion, although it con­tin­ues to lan­guish at very low lev­els. The ac­cu­mu­lated pes­simism of pre­vi­ous months is grow­ing less acute at a very slow rate.

Ac­cord­ing to IOBE, the com­ple­tion of the first bailout re­view has had nei­ther a pos­i­tive nor a neg­a­tive im­pact on ex­pec­ta­tions, as by and large the econ­omy had al­ready fac­tored in its pos­i­tive out­come be­fore. How­ever, the next few months are seen as par­tic­u­larly cru­cial, as the course of tourism will have a sig­nif­i­cant im­pact on eco­nomic ac­tiv­ity this quar­ter, while in­come tax pay­ments are start­ing too.

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