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.

Decline in the Economic Climate Index in the First Quarter of 2026

• The Economic Climate Index among CEOs declined in the first quarter of 2026 compared to the previous quarter. 

• The overwhelming majority of CEOs (84%) stated that the war in Iran will have a significant impact on the increase in energy costs for Greek businesses, while seven out of ten CEOs believe that the war and its potential escalation across the Middle East will negatively affect tourism revenues.

The ACEO/ICAP CRIF CEO General Index stood at 138 points in the first quarter of 2026, according to the quarterly survey conducted among a sample of 2,674 Chief Executive Officers and General Managers of Greece’s largest companies by the Association of Chief Executive Officers (ACEO) in collaboration with ICAP CRIF. The survey was carried out between 19 May 2026 and 27 May 2026.

In the first quarter of 2026, the ACEO/ICAP CRIF CEO General Index declined to 138 points, compared with 160 points in the previous quarter. The decrease in the index reflects CEOs’ uncertainty regarding the prolonged period of tensions in the Middle East and the Persian Gulf, which has raised concerns about the time required for the normalization of energy supply. Analysis of the results by company size indicates a decline across all business categories, with the most significant decrease recorded among small and medium-sized enterprises. The ACEO CEO Current Status Index fell to 135 points from 157 points in the previous quarter, while the ACEO CEO Expectations Index declined to 141 points from 163 points in the previous quarter.

The results of the CEO Index Q1-2026 are available in Greek here.