IOBE: Significant improvement of economic climate in January and strengthening of consumer confidence

IOBE, continuing the cooperation with the Initiative “Greek Production – Council of Industries for Development”, prepares the “Bulletin of Developments in Industry”, in replacement of the “Results of the Economic Situation in the Industry Sector”.

According to the monthly bulletin of February 2022, the decline in unemployment continued in November, mainly due to rising employment.

At the same time, there was a significant improvement in the economic climate in January and a strengthening of consumer confidence.

IOBE saw an increase in business expectations in Industry, to 116.8 points in January, from 109.1 points in December and a marginal increase in industrial production of 0.3% in December compared to November. A significant increase was observed in this area
8.6% per year in Greece, compared to a milder increase of 2.3% in the European Union of 27.

In terms of industrial exports, there was a significant increase of 27.5% in November on an annual basis, while a trade deficit increased to 3.4 billion euros, from 1.8 billion euros a year earlier.

In the field of energy, IOBE found a new increase in electricity costs in December 2021, by 3.6% compared to the previous month. Significant increase in the international price of Brent oil, by 68.7%, to $ 70.8 per barrel in 2021 compared to a year earlier. Rise for the producer price index of domestic industry, by 14.5% in the same year.

In conclusion, IOBE says that the increase in domestic production costs seems to be largely due to changes in prices
imports.

Among the industries, the highest increase in production costs in 2021 was recorded in electrical equipment and basic metals, with 15.2% and 11.5%, respectively, compared to a year ago.