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Economic sentiment improves in Greece, manufacturing returns to growth

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Staff Writer | July 4, 2017
The economic sentiment in Greece improved in June, as the conclusion of the second review had a positive impact on the business sector, not to the extent that it was expected, though, the Foundation for Economic and Industrial Development or IOBE said.
Greece manufacturing
Greece   The economic sentiment index settled at 94.0
Expectations in industry, constructions, and services were improved. Consumer confidence also recovered.

The economic sentiment index settled at 94.0 points in June compared to 93.2 points in May. Consumer confidence sub-index stood at -68.8 vs -69.7 in May.

Greece's manufacturing sector returned to growth in June as output and new orders rose for the first time in nine months, IHS Markit said.

Moreover, employment rose to the greatest extent since July 2016, while firms remained confident of an increase in their output over the coming 12 months.

Markit's Purchasing Managers' Index (PMI) for manufacturing stood at 50.5 in June, up from 49.6 in May.

The latest figure signalled the first improvement in Greek manufacturing sector conditions since August last year. That said, the rate of growth was only marginal, Markit added.