ECONOMY

Business sentiment in decline

Business sentiment and consumer confidence were in decline in March, according to a monthly survey conducted by the Foundation for Economic and Industrial Research (IOBE) and published on Tuesday.

The economic sentiment index in Greece slid from 98.2 points in February to 96.8 points in March as pessimism regarding the course of the economy was relatively increased across virtually all sectors, especially services and construction.

According to IOBE the return of downbeat estimates is due to the tight credit conditions and the extended uncertainty over the general course of Greece’s economy. Several issues remain open, IOBE added, as no agreement has yet been reached between Athens and its creditors nor are citizens and enterprises able to evaluate the content of the prospective deal.

The foundation also estimates that the Greek economy is in a state of anticipation ahead of the new conditions that will define its framework, at least in the short term. The expectations of both people and businesses will then be shaped accordingly.