The general economic climate index (EASE/ICAP CRIF-CEO General Index) stood at 138 points in the first quarter of 2026, as recorded by the quarterly survey conducted among a sample of 2,674 Chief Executive Officers/General Managers of the largest Greek companies by the Hellenic Association of Senior Business Executives (EASE) in collaboration with ICAP CRIF. The survey was conducted from May 19, 2026, to May 27, 2026.
In the first quarter of 2026, the general economic climate index (EASE/ICAP CRIF-CEO General Index) fell to 138 points from 160 in the previous quarter. The decline in the index reflects CEOs’ uncertainty regarding the prolonged period of tension in the Middle East and the Persian Gulf, which is leading to concerns about how long it will take for energy supplies to normalize.
An analysis of the results by company size shows a decline in the index across all company sizes, with the sharpest drop observed among small and medium-sized enterprises. The Current Economic Situation Index (EASE-CEO Current Status Index) fell to 135 points from 157 points in the previous quarter, and the expectations index (EASE-CEO Expectation Index) fell to 141 points from 163 in the previous quarter.
Specifically, the individual indices show the following trends for the first quarter of 2026:
The index measuring the country’s current economic situation fell to 172 points from 213 in the previous quarter. The percentage of CEOs who say the country’s current economic situation has improved compared to one year ago fell to 19%, down from 32% in the previous quarter.
The percentage of CEOs who stated that the country’s current economic situation has improved was higher—24%—for industrial companies. The index forecasting the country’s economic situation one year from now showed a significant decline to 142 points, down from 187 points in the previous quarter. The percentage of CEOs who believe the country’s economic situation will improve over the next year fell to 11%, down from 29% in the previous quarter. This percentage is higher at 18% for industrial companies.
The index measuring the current economic situation in the sector in which companies operate fell to 147 points, down from 188 in the previous quarter. The percentage of CEOs who state that the current situation in their sector is better than it was one year ago fell to 22%, down from 39% in the previous quarter; this figure is higher—at 26%—among CEOs of service companies.
The index of expectations regarding the economic situation of the industry in which they operate fell to 141 points from 177 in the previous quarter. The percentage of CEOs who believe that, in one year, the sectors in which their companies operate will be in better financial condition than they are now fell to 19%, down from 35% in the previous quarter. For CEOs of very large companies, the percentage stood at 33%.
The index measuring companies’ current economic situation fell to 118 points, down from 137 points in the previous quarter. The percentage of CEOs who report that their companies’ current economic situation has improved compared to a year ago stood at 48%, down from 61% in the previous quarter; this figure rises to 62% among CEOs of very large companies.
The index measuring CEOs’ expectations regarding their companies’ financial situation over the next year declined to 133 points, down from 148 points in the previous quarter. The percentage of CEOs expecting an improvement in the coming year rose to 47%, a figure that rises to 52% for CEOs of very large companies.
The index of current capital expenditure fell slightly to 122 points from 133 in the previous quarter. The percentage of CEOs who report that current investment spending at the companies they lead is higher than in the previous year fell to 22%, down from 31% in the previous quarter, a figure that rises to 43% among CEOs of very large companies.
The investment expectations index fell to 138 points from 148 in the previous quarter. The percentage of CEOs who say that investment spending at their companies will be higher over the next year stood at 29%. For CEOs of industrial companies, this percentage rises to 35%.
The current employment index showed a marginal increase to 118 points, up from 117 points in the previous quarter. The percentage of CEOs who report that the number of employees at the companies they manage is higher than it was a year ago stood at 43%, a figure that rises to 57% for CEOs of very large companies. The employment expectations index showed a slight decline to 152 points, down from 155 in the previous quarter.
The share of CEOs who stated that employment at the companies they manage will increase one year from now stood at 40%, a figure that rises to 49% among CEOs of service companies.
In addition to the standard questions posed to CEOs each quarter, they were also asked for their opinion on the impact of the war in Iran on the rise in energy costs for Greek companies. The overwhelming majority of CEOs (84%) responded that the impact would be high, a figure that rises to 100% among CEOs of industrial companies.
At the same time, 17% of CEOs of service companies stated that the impact would be moderate, while CEOs of very large companies differed slightly from the rest, with 5% stating that the impact would be low. CEOs were also asked for their opinion on the impact of the war in Iran and its potential spread to the Middle East on tourism revenue in 2026.
Seven out of ten CEOs responded that the impact on tourism revenue would be negative, while an additional 9% stated that it would be very negative—a percentage that rises to 15% among CEOs of small and medium-sized enterprises. In contrast, 22% of CEOs believe there will be no impact on tourism revenue, a percentage that rises to 30% among CEOs of service-providing businesses.
Statement by EASE Management Consultant, Mr. Vasilis Rambat
“The upward trend of the economic climate index has stalled, recording a decline in the first quarter of 2026, a development that reflects CEOs’ increased caution regarding geopolitical developments and their impact on energy costs and the economy’s growth prospects.
At the same time, the majority of CEOs believe that a potential escalation of the conflicts will also negatively affect tourism revenue, with corresponding impacts on growth.
Despite these challenges, the survey findings also highlight signs of resilience. CEOs’ expectations regarding the performance of their own companies remain comparatively more positive, while the labor market continues to show resilience, demonstrating the adaptability and strategic vision of Greek businesses. In an environment of heightened uncertainty, strategic adaptability and the quality of leadership are critical factors for maintaining the country’s growth momentum.”