Global Economic & Market Outlook – Focus Notes (January 10, 2017)
Greece: positive signs from economic sentiment, industrial production and commercial transactions
The economic sentiment indicator (ESI) increased in December 2016 both in monthly (+2.2 units) and annual terms (+7.0 units), coming in at a 21‐month high of 94.6 units. The December improvement ‐ in monthly terms ‐ reflects an increase in the confidence indicators of industry (+2.1 units), consumers (+2.5 units) and construction (+9.8 units). The corresponding indicators in services and retail trade decreased by ‐6.6 and ‐1.1 units respectively. Furthermore, the average (per month) value of the ESI increased in 2016 Q4 both in quarterly (+2.0 units) and yearly terms (+6.3 units). A more robust improvement in economic sentiment is a necessary condition for the Greek economy to enter into a sustainable growth path.
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