ECONOMY

Business sentiment improved in September

After two months of decline, the economic climate index of the Foundation for Economic and Industrial Research (IOBE) showed a recovery in September, boosted by the industry and construction sectors, which posted a notable improvement.

Business expectations appear to be recovering thanks to the slowdown in the recession, as seen in Hellenic Statistical Authority (ELSTAT) data. IOBE estimates that although the total loss of gross domestic product is expected to peak in the last quarter of the year at 25 percent, several economic sectors are showing improved prospects compared to previous months.

In industry, the positive expectations for the short-term course of output have grown significantly, with stock set for reduction and current orders and demand gaining ground. The construction index grew for the sixth month in succession, while in retail commerce the negative estimates regarding current sales have been significantly contained.

On the other hand, consumer confidence posted a decline last month, while the climate in services remained unchanged.