ΙΟΒΕ Reports Improved Economic Sentiment for February

Economic sentiment in February showed signs of improvement edging higher at 104.3 points from 101.9 points in January, marking an increase for a third consecutive month, the Foundation for Economic & Industrial Research (IOBE) said this week.

The IOBE think-tank also pointed to improved expectations in Construction, Industry and Services. The healthier economic climate in key sectors of the economy is in line with the positive growth rates recorded. At the same time, financial services firm Markit reported a rise in the Purchasing Managers Index (PMI) to 56.1 points, the highest in the last 17 years.

“Gradually, after the summer of 2015, there is stabilization of the economy and a relative improvement in expectations. The broader framework is to consolidate relative normality as the adjustment program and in particular the most recent assessments are moving ahead and set to be completed,” the monthly report said, attributing the improvement in expectations to positive international developments that contribute to export activities.

On the downside however, the consumer confidence index dropped by 2 points to -53 points, from -51 points in January, the IOBE report found, with Greek consumers being among the EU’s most pessimistic.