Greeks are deeply pessimistic; 65% are “barely getting by”

According to a survey by the Foundation for Economic and Industrial Research (IOBE), while there is an intention to make major purchases and save money, the actual rates remain very low. Citizens’ perceptions of unemployment, the economic situation, and inflation.

Published: 7 June 2026 - 08:12

This article is an AI translation of an original piece published in Greek. Read original

The consumer confidence index recorded a slight improvement in May, standing at -52.2 points, compared to -54.7 points in April, according to the latest “Economic Climate Survey” by the Foundation for Economic and Industrial Research (IOBE). This month, Greek consumers remain the most pessimistic in the EU, far ahead of the next most pessimistic groups, with consumers in Romania (index level of -32.1) and Slovenia (-27.1) following behind. The sub-indices for household finances are showing a slight improvement, while the overall economic situation in the country is showing a marginal improvement.

At the same time, the intention to make major purchases is strengthening significantly, with savings improving slightly. At the lower end of this ranking, as in 2025, is Malta (+8.7), with the positive consumer confidence index score essentially reflecting optimism among the country’s consumers. The average European indices stood at -18.2 points in the EU and -19 points in the Eurozone.

Consumer Confidence Index (seasonally adjusted data)

In more detail:

Slight easing of consumers’ negative assessments of their household’s financial situation over the past 12 months

Consumers’ negative assessments of their household’s financial situation over the past 12 months declined slightly to -53.4 (from -55.1) points. Sixty-nine percent of households reported a slight or significant deterioration in their financial situation, while only 1% reported a slight improvement. The corresponding indices for the EU and the Eurozone stood at -12.5 and -12.8 points, respectively.

Forecasts for the economic situation of households are also slightly more optimistic

Consumers’ negative forecasts regarding their household’s financial situation over the next 12 months narrowed in May to –53.2 (from –54.6) points. Sixty-seven percent of households expect a slight or significant deterioration in their financial situation, while 2% anticipate a slight improvement. The indices for the EU and the Eurozone stood at –7.7 and –8.5 points, respectively.

Marginal improvement in forecasts for the country’s economic situation

The negative index of households’ forecasts for their country’s economic situation over the next 12 months declined marginally in May, standing at -58.1 (from -59.2) points. 72% of consumers predicted a slight or significant deterioration in the country’s economic situation, compared to 18% (up from 15%) who expect stability. The indices for the EU and the Eurozone stood at -36.7 and -39.5 points, respectively.

Significant improvement in intention to make major purchases

Consumer intention to make major purchases in the coming 12 months (furniture, appliances, etc.) improved significantly, with the relevant index standing at -44.2 (from -49.8) points. 53% (down from 58%) of consumers predicted they would spend less or much less, while 3% (up from 2%) expect the opposite. European indices stood at -16.1 points in the EU and -15.2 points in the Eurozone.

Mild increase in the intention to save

The index of savings intentions for the next 12 months rose slightly to -71 points, from -74.9 in April. 87% of households do not consider saving likely in the next 12 months, while 12% consider it likely or very likely. The relevant indices stood at +8.6 points in the EU and +8 in the Eurozone.

Slight decline in unemployment forecasts

The forecast index for unemployment trends over the next 12 months edged down slightly in May to +19.1 points, from +19.3 in April. The percentage of households forecasting a slight or significant rise in unemployment stood at 36%, with 10% of respondents expecting a slight decline. The corresponding indices for the EU and the Eurozone stood at +32.4 and +33.2 points, respectively.

Indicative variables from the consumer survey for the next 12 months

Mild easing of forecasts for price increases

The positive index for price change forecasts over the next 12 months moderated slightly in May, standing at +53.3 points, compared to +54.5 points in April. 74% of households predicted prices would rise at the same or a faster pace, and 7% (up from 5%) expect prices to remain stable. The corresponding indices for the EU and the Eurozone stood at +38.5 and 40.5 points, respectively.

Slight decline in the percentage of those “drawing on their savings”

Regarding assessments of the current household financial situation, the percentage of consumers stating that “barely making ends meet” stood at 65%, up from 63% the previous month, while the percentage of those reporting that they “draw from their savings” fell to 9% (from 12%). Consumers who stated that they are saving a little or a lot account for 18% of the total, while the percentage of those who stated that they “are in debt” stood at 7%, down from 8% the previous month.

Slight increase in the percentage of households uncertain about their future financial situation

In response to the question assessing the degree of uncertainty among households regarding future economic developments, 65.9% felt in May that their financial situation was difficult or relatively difficult to predict, a marginal increase from 65.6% the previous month.