Economic Confidence in Greece Jumps to 12-Year High in July



The index measuring confidence in the Greek economy jumped to 105.3 points in July from 101 in June, the highest level seen since March of 2008, the Foundation for Economic and Industrial Research (IOBE) said in their monthly report, released on Thursday.

The IOBE stated that economic expectations improved in all business sectors during the month of July in Greece, while consumer confidence rose to a 12-year high.

The institute noted that the report, the first to be released after the July general elections, showed that a great deal of optimism regarding the economy was reported among citizens and business owners across the country.

More specifically, business expectations in the manufacturing sector showed an improvement in the balance of estimates of production and inventories, while production estimates for the coming months were slightly changed.

In Greece’s construction sector, the number of prospective building projects rose significantly along with estimates for the number of employees who will need to be hired.

In the retail sector, confidence regarding consumer sales rose markedly, while estimates for short-term trends and inventories were almost unchanged.

Lastly, in the services sector of the economy, positive projections for the economic condition of these enterprises strengthened even further.

Greek heads of households, who gave their own positive estimates regarding the strength the country’s economic health, reported that their own finances had improved as well, with increased amounts of personal savings at their disposal.

Source: AMNA