Economic sentiment index falls

The resurgence of coronavirus infections and the additional health protection measures introduced have further shaken the confidence of Greeks both regarding the country’s finances and their own economic situations, as reflected in the economic sentiment report for September compiled by the Foundation for Economic and Industrial Research (IOBE).

Sentiment deteriorated as expectations were not met in any financial sectors except retail commerce and services. The index reading last month was 89.5 points, against 90.7 in August and 90.8 in July.

The consumer confidence index slipped further last month to -41 points, from -34.7 in the previous survey in August. The serious deterioration of the pandemic data in September, particularly in the region of Attica, combined with the increase in restrictions on company operations – and generally the second wave of cases internationally – were the main causes of this decline, according to IOBE. That drop in confidence made the Greeks the European Union’s most pessimistic consumers, ahead of the Bulgarians and the Cypriots.