Greece’s economic climate weakened slightly in November, accompanied by another dip in consumer confidence, according to the latest survey by the Foundation for Economic and Industrial Research (IOBE). The findings underscore the financial strain many households continue to face: six in ten Greeks say they are “just getting by,” while 85 percent consider it unlikely that they will be able to save any money in the coming year.
The overall economic sentiment index slipped to 106.0 points from 107.5 in October, extending the modest downward trend observed in recent months. The decline reflects softening expectations across most business sectors, though Construction and Retail Trade registered mild improvements. Consumer confidence also weakened further as households grew more pessimistic about their personal finances. Despite this worsening mood, the index has moved only marginally throughout the year, suggesting a degree of stability in expectations even amid persistent uncertainty.
Sector-specific developments had only limited impact on underlying indicators such as orders and demand, leaving the broader picture largely unchanged. This relative steadiness may point to a certain normalisation in economic activity. At the same time, the survey suggests that short-term policy measures are currently exerting little influence on economic sentiment, which appears driven more by long-term structural factors. The coming month—typically shaped by holiday-related spending—may provide a clearer indication of momentum in retail activity and consumer sentiment and will help determine the year’s final trajectory.
In industry, assessments of orders and current demand remained mildly negative but steady compared with October, while expectations for future production eased and inventories ticked upward. Construction firms reported a slight improvement in their work pipeline, though expectations remained in negative territory, and hiring prospects strengthened only marginally. Retailers recorded a notable rise in current sales assessments, accompanied by a minor increase in inventories and a modest improvement in short-term sales expectations. In the services sector, firms reported a small weakening in both their evaluation of current conditions and their expectations for near-term demand.
Consumer confidence—under sustained pressure throughout the year—fell again in November, dropping to –50.6 points from –47.6. Greek consumers continue to be the most pessimistic in the European Union by a wide margin, well below Romania and Estonia, the next most negative member states. Although perceptions of the country’s wider economic outlook improved slightly, assessments of personal financial situations deteriorated. Intentions to make major purchases fell sharply, and while the decline in saving intentions was milder, the overall willingness to save remains extremely low. By contrast,
Malta continued to record one of the EU’s few positive consumer confidence readings, reflecting a substantially more optimistic public mood. Across the EU and the Eurozone, average consumer sentiment stood at –13.6 and –14.2 points respectively.
The survey indicates that many Greek households feel their financial situation has worsened over the past year, and a majority expect further deterioration in the year ahead. While expectations for the country’s economic performance improved slightly, they remain deeply negative. Intentions to make significant purchases, such as appliances or furniture, have plunged as households brace for tighter budgets. Saving remains uncommon and largely out of reach for most, in stark contrast to the positive averages recorded across Europe.
Expectations regarding unemployment softened somewhat, with fewer households anticipating a rise in joblessness over the next year. Predictions about price increases also eased slightly, though most consumers still expect inflationary pressures to persist.
When asked about their current financial situation, 60 percent of respondents said they are barely managing—unchanged from the previous month. A rising share, now 10 percent, reported drawing on their savings to meet expenses, while the proportion of households reporting that they have fallen into debt climbed from 7 to 10 percent. Finally, although uncertainty about future economic conditions eased slightly, more than half of households continue to find it difficult to forecast their financial prospects.
