Sentiment in economy posts marked recovery

Economic sentiment in Greece saw a significant improvement last month as the economy is seen to be becoming more stable and some growth is anticipated in the latter half of the year, according to the monthly survey of the Foundation for Economic and Industrial Research (IOBE), published on Monday.

The Economic Climate Index in Greece climbed to 102.2 points in October, reversing the decline recorded in September when the index had dropped below the zero-optimism mark of 100 points to 99.3.

According to IOBE, the continuing stabilization of the climate could be associated with the gradual ebbing of the recession in previous months and the reversing of the trend in the unemployment rate, with official data showing it shrinking. The picture of the index is compatible with confidence that the economy is entering positive growth territory, along with a reversal in the reduction in consumption.

While forecasts on industry, retail commerce, consumer confidence and construction are all improving, expectations in manufacturing took a dip in October, the IOBE data have shown.

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