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.

Improvement in the Economic Climate Index in the Fourth Quarter of 2025

• The economic climate index in the fourth quarter of 2025 recorded an increase compared to the previous quarter, reflecting the improvement in the business climate as it evolved during the period in which the survey was conducted.

• At the same time, the majority of CEOs believe that the labour market reforms recently introduced by law are adequate only to a certain extent. Regarding the EU–MERCOSUR agreement, approximately four out of ten CEOs estimate that it will have a positive impact on the Greek economy, while a similar proportion believes that the effects will be neutral.

The survey was conducted during the period 27/01/2026 – 18/02/2026 and reflects CEOs’ assessments of the economic environment as it was shaped during that time. Consequently, the results of the survey do not include the impact of the recent geopolitical developments in the Middle East and the ongoing conflict in Iran, but rather capture the economic climate under the conditions that prevailed up to that point, including the continuing war in Ukraine.

The General Economic Climate Index (ACEO/ICAP CRIF – CEO General Index) reached 160 points in the fourth quarter of 2025, according to the quarterly survey conducted on a sample of 2,674 Chief Executive Officers / General Managers of the largest Greek companies by the Association of Chief Executive Officers (ACEO) in cooperation with ICAP CRIF. The survey was carried out during the period 27/01/2026 – 18/02/2026.

The results of the CEO Index Q4-2025 are available in Greek here.