IOBE: Deterioration of the economic climate in Greece in November

A downward path was initiated in November, the index of Economic Climate in Greece after three months of growth, as it is formed in the…
92,4 units (93,8 units in October), in performance, however, higher compared with the corresponding period the previous year (87,1 points), according to surveys of the IOBE.
The voltage change in the financial climate occurs, in accordance with the FEIR, as a result mainly of the decline in consumer confidence, and secondarily to the deterioration of expectations in the Industry. In contrast, in Services, in Retail trade and in Construction, will improve the relevant estimates and forecasts. This correction is rather expected, as the stabilization of the economy, allows for milder assessments from citizens and entrepreneurs, while it remains the uncertainty about the medium-term path of the economy. The projections of households for the economic situation and the economic situation of the country in the next 12 months remain highly pessimistic. Moreover, it is recalled that the improvement of the climate of the previous months, has been captured then, and the high growth rate in the third quarter as recorded in the official statistics of ELSTAT.
In more detail:
– in industry, the positive forecasts for production in the coming months weakened, the balance in the estimates for the stocks escalates mild, while the negative estimates for the orders and demand will remain at the same levels.
– in services, estimates for the current state of the business do not change, while those for the current demand is improving, with forecasts for the short-term evolution to worsen marginally.
– in retail trade, the positive estimates for the current sales are growing, and the optimistic forecasts for the short-term development remain unchanged, with the indicator of stocks moving down.
– in construction, the very pessimistic forecasts for the work programme of the business and the more negative projections for employment diminish both.
– in consumer confidence, the relevant indicator is deteriorating as a result of the most adverse projections of households for the economic situation and the economic situation of the country in the next 12 months, the αμβλυνόμενης intention for saving, and the more pessimistic forecasts for the evolution of unemployment.
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