BUSINESS

Pessimism over the economy is up

TAGS: Economy

The vast majority of Greeks are particularly pessimistic, a survey by Nielsen has found, as 82 percent of respondents said that Greece will remain mired in economic recession next year.

The finding concerns the second quarter of the year and is 2 percentage points above the rate recorded in the first quarter (80 percent).

Notably, in the second quarter of 2015 – just before the banks closed down for three weeks and capital controls were first introduced – the pessimists’ rate was lower by 18 percentage points than this year, which illustrates the expectations cultivated in a section of the Greek public last year, before they were dashed with the signing of the third bailout agreement.

As for the consumer confidence index in Greece, its second-quarter reading was 52 points, down by one point from the first quarter of the year.

Another feature of Greek society is labor insecurity: Greece ranks top in this category, with four out of 10 Greeks expressing their concern about their own job, while worries expressed about the hikes in utility bills posted a significant hike, rising from 5 percent to 13 percent. Eight out of 10 Greeks cut their household spending, with 72 percent slashing their entertainment outside the home.

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