Sunday, May. 20, 2012 |
Greek economic mood sours even more in January
Page last updated at 10:46 GMT, Monday, February 6, 2012 - 15:46 EST
Reuters:
Economic sentiment in Greece remained gloomy in January, with the economic climate index registering a small downtick, a survey showed on Monday as Athens negotiates a key new bailout with its international creditors to avoid default.
The Foundation for Economic and Industrial Research (IOBE) said its index -- based on consumer confidence gauges and sub-indexes for business expectations in industry, construction, retail trade and services -- edged lower to 74.9 from 75.7 points in December.
Apart from a small improvement in retail trade, industry and consumer confidence readings, all other sectors of the economy worsened.
"Uncertainty over the country's funding remains intense. This does not allow for optimistic projections although there are business pockets that are resisting and trying to maintain momentum under tight credit conditions," IOBE said.
With unemployment rising and wages squeezed by higher taxes, Greek consumers remain the most pessimistic in Europe, IOBE said, as 64 percent expect their economic situation to worsen further in the coming 12 months.
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