The survey for the compilation of the quarterly economic sentiment indicator is carried out by the Association of Chief Executive Officers (ACEO), an organization that is the best advocate for the top management in Greece, with members being among the top executives of the most important companies in the country, in collaboration with ICAP CRIF, being the largest group providing services to businesses. The survey is conducted every three months among the top managers of the largest Greek companies in order to record their assessments regarding the current economic situation and their forecasts for the near future.
Methodology
The survey is conducted among the CEOs (Managing Directors, Presidents and General Managers) of the 2,080 largest Greek companies. The members of ACEO are added to this population, so the reporting population stands at 2,540 people. The questionnaire includes 12 questions and the completion and registration of which is done online through a special online survey platform.
The 10 main questions concern the current state of the economy and the future expectations, while 2 additional questions are addressed to the Managing Directors regarding important issues of general economic interest during the survey period. The current economic situation indicator (ACEO/ICAP CRIF-CEO Current status Index) is based on the answers referring to the current economic situation and the expectations’ index (ACEO/ICAP CRIF-CEO Expectation Index) is based on the answers referring to the future expectations. The current economic situation indicator (ACEO/ICAP CRIF-CEO Current status Index) is based on the answers referring to the current economic situation and the expectations’ index (ACEO/ICAP CRIF-CEO Expectation Index) is based on the answers referring to the future expectations. The conversion of the answers into an index and then into a chronological order was carried out using the net-balances method (differences of positive-negative answers) .
All the indices are quarterly, based on the 4th quarter of 2008 when the first survey was conducted. The presentation of the survey results also includes the percentage distribution of the answers per question, while an analysis of the answers is made according to the size of the companies which were distinguished into three strata based on the criterion of employment (small and medium-sized enterprises with not more than 100 people employed by them, large enterprises with 101-300 employees and very large enterprises with 301 employees and more) and depending on the sector of activity where the enterprises were distinguished into three layers (agricultural products – industry – energy – construction, trade and services). The sample is updated in each survey by a small percentage, in order to monitor the developments of the financial sizes of the companies as well as the movements of the top executives.
Economic Climate Index Decline in Q1 2024
The general economic climate index (EASE/ICAP CRIF-CEO General Index) stood at 162 units in the first quarter of 2024, as recorded by the quarterly survey conducted on a sample of 2,570 CEOs of the largest Greek companies by the Hellenic Management Association (EASE) in collaboration with ICAP CRIF. The survey was conducted from April 1, 2024, to April 8, 2024.
The results of the CEO Index Q1-2024 are available in Greek here.
The economic climate index in the first quarter of 2024 experienced a decline compared to the previous quarter. Despite the generally positive outlook for the Greek economy, which is recognized internationally, ongoing conflicts in key geographic zones crucial for the production and transportation of energy and other critical intermediate goods are causing uncertainty among CEOs regarding possible new disruptions in the global supply chain. Additionally, CEOs are divided in their assessment of The Economist’s recognition that Greece is the country showing the greatest improvement in the business environment, with 50% agreeing with the significant rise in the global ranking and the other 50% maintaining reservations. Furthermore, 56% believe that an increase in the minimum wage will not have a negative impact on the competitiveness of businesses, while four out of ten CEOs anticipate a moderately negative impact.
