ECI slides but Greece above eurozone average

Greece’s Economic Climate Index (ECI) posted a small decline in July, reaching 102.3 points from the six-year high of 103.7 points in June, according to the monthly survey of the Foundation for Economic and Industrial Research (IOBE).

Whereas expectations in services, industry and the retail trade showed a marginal recovery, there was a further deterioration in construction. There was also a slight decline in consumer confidence after four straight months of gains.

The ECI’s overall small decline in July may be partly explained by the fact that Greek taxpayers are facing an avalanche of payments due in the short term.

The picture in the last seven months in the eurozone as a whole appears to be one of stabilization in the southern countries and of a declining trend in the northern ones. Greece’s ECI gained 10.8 percent (to 102.6 points), overtaking for the first time after several years the eurozone average, which stood at 102.2 points.