Business expectations in Greek industry improved in July as a result of a debt relief package agreed by eurozone member-states in June and government commitments that the country will continue to implement prudent fiscal policies after formally exiting the bailout programs on August 20, the country’s most influential think tank, IOBE, said.
According to monthly bulletin published by the Foundation for Economic & Industrial Research yesterday, the index measuring business expectations in the industrial sector climbed to 105.9 points in July from 103.1 points in June and against 96.6 points in June 2017. IOBE said an increase in foreign trade and a spike in tourism volumes were the additional factors behind the improved sentiment.
Specifically, exports of industrial products in May 2018 increased by 11 percent over May last year. Between January and May 2018, exports of industrial products went up by 12.2 percent compared with the same five-month period last year.
According to data from the Hellenic Statistical Authority (ELSTAT), industrial production improved marginally, rising by 0.5 percent between April and May. Greece’s Producer Price Index (PPI) increased 8 percent year-on-year in June, despite a 0.4 percent drop from May.