ECONOMY

Consumer confidence records rise in second quarter

Consumer confidence strengthened in Greece during the second quarter of the year but remains very low according to an international survey conducted in May by Nielsen among 29,000 consumers across 58 countries.

The consumer confidence index in Greece rose seven points, which was the biggest increase in the world (along with Colombia and Pakistan), to reach 47 points. This is the fifth lowest among the European Union’s 28 member states, with Greece issitting above Portugal (33 points), Italy (41), Hungary (41) and Croatia (45).

The global index went up one notch to 94 points, with the US adding three points to reach 96 and the United Kingdom rising by four points to get to 79.

Confidence went down in half of the European markets as constant cuts in state budgets, tax hikes and high unemployment rates have put great pressure on households. The index in Germany however stayed put at 90 points.