Greek economic sentiment index down strongly in October

Greek economic sentiment deteriorated strongly in October, with the economic sentiment indicator falling to 98.3 points, from 104.9 in September, the lowest reading in the last 20 months, the Foundation for Economic and Industrial Research IOBE said on Tuesday.

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More specifically, IOBE said this decline was in line with similar trends prevailing in Europe and reflected a deterioration in expectations in the services and industrial sectors and a further decline in consumer confidence. Retail commerce showed signs of recovery while public works continued supporting the construction sector. IOBE noted that the European environment remained unstable and did not allow extrovert enterprises to make more ambitious plans, while an increase in borrowing cost was starting to become an additional problem.

Business expectations in the industrial sector showed a negative balance of estimates over new orders and demand, while positive forecasts over production in the coming months rose slightly. In the construction sector, negative estimates over production rose, while employment expectations improved markedly. In the retail sector, estimates over current sales improved significantly, with inventory levels falling strongly. In the services sector, positive estimates over the current condition of enterprises moved strongly down, along with those over demand.

In consumer confidence, Greek households were more pessimistic over developments in their finances and the country's finances, while estimates over purchases fell strongly.