IOBE survey reveals gloomy predictions

Businesspeople and households are pessimistic over the economy’s short-term prospects, a study by the Foundation for Economic and Industrial Research (IOBE) shows. In its monthly report on the economic climate, IOBE shows that the relevant index fell to 83.3 points from 86.5 in May. This is the lowest level in two years and is due to the worsening of businesspeople’s expectations across all main economic sectors (industry, retail commerce and services). Even in construction, where a glimmer of hope had appeared in May, gloomy predictions returned in June. The industry sub-index, at 92, is the lowest in several years and is due to predictions of a less-than-satisfactory rise in orders in the coming quarter. In retail commerce, the sub-index fell from 106.1 points in May to 104.7 in June, because retailers do not expect sales to increase as fast as they would like. Greek consumers appear to be among the most gloomy in Europe. The confidence index is at its lowest level since 2003. They predict a downturn in the economy, including higher unemployment, and a worsening of their personal finances over the coming 12 months.

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