As a result, the annual average of the index for 2025 stands at 107.4 points, roughly at the same level as in 2024, indicating overall stability in both business and consumer expectations.
The improvement observed in December reflects stronger expectations across most sectors of the economy, with the exception of retail, where the holiday season did not translate into a positive assessment. At the same time, the downward trend in consumer confidence has moderated, as households’ pessimistic forecasts regarding their financial situation have diminished.
In the industrial sector, the improvement in sentiment is linked to the reduction of finished goods inventories and a slight moderation in negative assessments of orders and demand. The business expectations index rose to 105.5 points from 102.8 in November, with moderate upward trends also observed in export-related activities. Expectations regarding employment were particularly positive, recording a noticeable increase.
In construction, sentiment improved further, with the relevant index reaching 161.6 points, above last year’s levels. The increase is almost entirely attributable to private construction projects, where expectations regarding work programs and employment strengthened significantly, marking some of the highest readings historically. In contrast, expectations for public works construction remained broadly unchanged, with low demand and labour shortages continuing to constitute key constraints.
In the services sector, most activities showed improvement, primarily in short-term demand expectations, while assessments of the current business situation weakened slightly. In retail trade, conditions remain weaker overall, with only the motor vehicle sector recording an upward trend; forecasts for sales declined, and inventories increased markedly.
On the demand side, Greek consumers remain among the most pessimistic in the European Union. However, in December, they expressed less negative expectations regarding both the general economic situation in the country and the financial situation of their households. At the same time, intentions for major purchases are recovering, and plans for savings have strengthened slightly.
Overall, 2025 was characterized by minor fluctuations and sectoral divergences, but the general picture remained stable compared with the previous year. The December developments reinforce the assessment that, despite prevailing uncertainties, expectations in the Greek economy remain resilient.
