Consumer confidence at record low

Greece’s economic sentiment improved slightly in October as improved expectations in the construction sector helped to offset record-low consumer confidence. The Foundation for Economic and Industrial Research (IOBE) said its economic climate index, based on business expectations subindices covering industry, construction, retail trade, services and consumer confidence, rose to 67.3 from 66.6 points in September. Sentiment in the industrial and services sector improved last month on the back of improved business expectations along with a ‘fairly important’ upturn in the mood in business construction. ‘Consumers are disappointed due to economic developments; there is widespread insecurity stemming from their personal financial status and the general economic situation, resulting in even more restrained spending,’ IOBE said in a statement. Across the European Union’s 27 member states, economic sentiment rose in October to 104.1 points, from 103.6 in the previous month.