ECONOMY

Economic sentiment declines, reaching a new 10-month low

Economic sentiment in Greece slumped to a new 10-month low in March and its outlook remains negative after the latest measures announced by the government a few weeks ago, according to the monthly survey of the Foundation for Economic and Industrial Research (IOBE). The index bucked the European trend of recovery to post a decline from 72.4 points in February to 69.6 points last month, while consumer confidence reached an all-time low of just 58 points. Industry is the sole sector where there is no deterioration in expectations. «The negative forecasts about the course of the Greek economy and uncertainty continue to dominate the expectations of enterprises and consumers. The new tax and other fiscal measures, albeit necessary for fiscal adjustment, have negatively impacted the psychology of the market,» notes IOBE in its report.