Economic sentiment nosedived in May

The economic sentiment index in Greece showed a fresh deterioration in May, despite the gradual lifting of restrictions and the resumption of most economic activities. The index compiled by the Foundation for Economic and Industrial Research (IOBE) showed a reading of 88.5 points, against 99.3 points in April.

"The deterioration of the economic sentiment recorded highlights the depth of the economic crisis, which is expected to have a significant duration and to affect all economic sectors structurally, and not temporarily," IOBE noted on Monday upon publication of the data.

The index of business expectations in industry slumped to 82.8 points last month from 97.6 points in April, reaching the lowest point in the last four-and-a-half years, with the most negative estimates concerning new orders for the domestic and foreign markets.

A similar picture emerges...