Bloomberg News

Greek February Economic Sentiment Rose for Third Month in Four

March 06, 2013

Greek economic sentiment improved in February for a third time in four months as the country continued to receive funding under bailouts from the European Union and the International Monetary Fund.

An index measuring short-term economic trends stood at 86.9, up from 85.8 in January, the Foundation for Economic & Industrial Research, known as IOBE, said in an e-mailed report today. Consumer confidence rose to minus 71.4 from minus 71.9, the Athens-based foundation said.

Greece’s parliament in November approved tax increases and spending cuts demanded by creditors for the release of loans required to keep the country solvent. The loans had been frozen since June, when political instability caused by two elections in six weeks contributed to the country missing targets set under the bailout.

“The stabilization of the picture confirms that people and companies are trying to adjust to the conditions the implementation of additional measures are creating,” IOBE said. “Consumer confidence remains low, however, with people having a pessimistic outlook on their personal finances and on the economy as a whole.”

Gross domestic product has shrunk by a fifth since Greece entered its recession in 2008, while more than a quarter of the workforce is unemployed.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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