A report of the Foundation for Economic and Industrial Research, posted yesterday, shows that consumer expectations regarding economic climate have improved following the pre-election period.
Economic index, currently 63.5 units (from 59.2 in August), keeps rising and consumers are optimistic about the economic improvement of the country throughout the next twelve months.
Participants in the research expect drop in unemployment and claim that the salaries they receive do not cover for the month. What is remarkable is that this is the highest confidence index recorded since November 2008. In the field of construction the economic climate index has risen, in wholesaling it has been stabilized and in the service sector it has dropped down
The rise of consumer confidence started at the beginning of the summer after the European Parliament elections and continued following the announcement of preliminary elections. The research indicates that since 1985 consumers’ optimism and expectations about economic improvement would rise during pre-election times.
Despite the slight increase of the consumers’ confidence in Greece, the country is still among the EU members with lower index, with only Bulgaria, Latvia, Lithuania and Romania behind it. The Scandinavian countries are the only ones with high consumer confidence; however, comparing August and September, the index has risen in another 18 countries.
At the first council of minister meeting yesterday, Prime Minister Georgeos Papandreou announced the three directions his minister will have to work in: “breaking the party-state, war against corruption, reporting to the citizens.” At lunch today the prime minister will meet in Megaro Maxim with the manager of Bank of Greece Georgeous Provopoulos, who will also be attending a meeting with the president Karolos Papoulias later the same day. As we can remember, two days ago Provopoulos announced at the IMF congress that the country’ domestic debt is above 10% of GDP.