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ΙΟΒΕ: Greek economic sentiment index up

Greek economic sentiment index rose to 111.1 points in July from 110.1 in June, the highest reading in the last 16 months, the Foundation for Economic and Industrial Research IOBE said in a report on Tuesday.

According to IOBE, the economic sentiment index has been moving at high levels since the beginning of the year, much higher than last year, and the relevant indicators in the EU which fell significantly in May and worsened further in June and July.

IOBE attributed this development to an improvement of expectations in the retail commerce and services sectors, with expectations in the industrial sector deteriorating and expectations in the construction sector remaining flat.

The improvement in the economic sentiment was also fueled by the further strengthening of consumer confidence which marks a new two-year high.

The renewal of the government’s term also seems to have a positive effect as it leads to stability over the coming years.

Moreover, the course of tourism spur confidence in various sectors that are directly or indirectly affected by it although inflationary pressures have not subsided and are still a cause for concern.