Index

Consumer sentiment in Greece is on the track of improvement but has not yet put the worst past it, a survey by GFK Consumer Climate survey for the second quarter of the year in Europe has shown.

Although the indexes concerning Greece remain in negative territory, the trend has shown a clear improvement since last August.

In May 2014, the construction production index, calculated on the base of seasonally adjusted data, was 1.7% above the level of the previous month.

In May 2014 working day adjusted data showed an increase by 6.2% in the construction production, compared to the same month of 2013, according to the preliminary data, provided by Bulgaria's National Statistical Institute.

The Economic Sentiment Index compiled by the Foundation for Economic and Industrial Research (IOBE) climbed to a six-year high in June, reaching 103.7 points, a level unseen since April 2008.

By Sotiris Nikas

By Dimitra Manifava

The Greek economy appears to be entering a phase of stabilization as the Economic Sentiment Index and the Consumer Confidence Index compiled by the Foundation for Economic and Industrial research (IOBE) showed a new six-year and four-year high respectively last month.

Greece’s manufacturing remained in growth territory in May, although the Purchasing Managers’ Index (PMI) fell slightly to 51 points, according to London-based Markit.

The PMI was at 51.1 in April. “The PMI remained on the right side of the 50.0 mark in May, signalling steady albeit unspectacular growth at factories,” said Markit analyst Phil Smith.

The Producer Price Index in Industry (PPI) recorded an increase of 0.4 percent in April 2014 compared to the same month the previous year, according to figures released by the Hellenic Statistical Authority on Friday. The index in April 2013 had recorded a decrease of 2.7 percent.

Turkish consumers lost confidence in the economy in May after a brief recovery in their sentiments during March and April, a survey has shown.

Deflationary pressures persisted for another month in April, with Consumer Price Index data published by the Hellenic Statistical Authority (ELSTAT) on Friday again showing a negative reading – at 1.3 percent – compared with a year earlier, the same as in March.

The consumer confidence index posted a spectacular recovery in Greece in the first quarter of the year, according to a survey conducted by Nielsen in 60 countries. Compared with the last quarter of 2013, the index has risen by as many as eight points to reach 53, which is the highest reading of the last four years.