July 6th, 2017

Quarterly Report for the Greek Economy

2-2017

2017:Economic Recovery

• GDP growth around 1.5%

• Second assessment

• Third assessment and so forth…

Challenges and Opportunities

• Trade Balance

Imports trend

Exports dynamics

• Budget Balance

Expenditure

Taxation

• Return to international markets

Programme

Conditions

Quarterly Report Overview

International environment: Positive prospects at the beginning of 2017

• Stabilization of global growth at 3.0% in 2016.

Acceleration of growth in 2017 (3.4%) and in 2018 (3.6%)

• Expansion of international trade in 2016 (+2.0%), although it ιs lower

compared to 2015 (+2.8%)

• Significant acceleration of growth rate of international trade, around 3.4%,is expected in 2017, mainly through boost from the developed anddeveloping economies (3.8% in 2018)

• Acceleration of growth in EU and Eurozone in 2017 and in 2018

Growth rates at ΕU & Eurozone: 1.9% and 1.7% in 2017

International environment: Domestic factors are the driving force in Eurozone since 2014

• Acceleration of economic activity in the second half of 2016, both globally and in

Eurozone.

• Further acceleration in the first quarter of 2017.

Source: Eurostat, Processing Data: ΙΟΒΕ

-3

-2

-1

0

1

2

3

4

20

10

Q1

20

10

Q2

20

10

Q3

20

10

Q4

20

11

Q1

20

11

Q2

20

11

Q3

20

11

Q4

20

12

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

13

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

14

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

15

Q1

20

15

Q2

20

15

Q3

20

15

Q4

20

16

Q1

20

16

Q2

20

16

Q3

20

16

Q4

20

17

Q1

GPD and its components in Eurozone

Domestic Demand (Consumption & Investments) Net Exports (Exports- Imports) GPD

International Environment: Existence of uncertainty factors

• Still expected the announced financial expansion in US, risking positive expectations of

consumers and businesses not being verified.

• Asymmetries in the conduct of monetary policy (quantitative easing in Europe and

Japan, restrictive monetary policy in USA), will probably cause significant changes in capital

movement/exchange rates.

• Total NPLs management in European Banks (impact on investment).

• Protectionism trends from new US government affects the prospects of international trade

(although not yet implemented).

• Increased geopolitical risks (Middle East, East Asia due to North Korea).

• China’s transition towards a new economic development model, correcting accumulated

imbalances and creating frictions in the global economy.

But also:

• Mitigating uncertainties in Eurozone from elections (Holland, France).

• Growth continuation of developing economies due to high commodity prices (Brazil,

Russia).

• Small – thus far – the impact of BREXIT in the Eurozone.

GPD growth during Q1/2017

Q1/2017: +0.4%, compared to -1.0% in Q4/2016 and -0.8% in

Q1/2016

Crucial Changes in Q1/2017:

• Growth of household consumption: (+1.7%, against -0.7% in Q1/2016)

• Increase of investment cost (+13.6% after +15.2% inQ1/2016)

Mainly due to higher fixed capital formation (+11.2% against -10.1%)

• High demand for imports (+10.9% after -10.1%)

Relaxation of capital controls

Exceeded the increase of exports (+4.8%) Deterioration of the externalsector balance for the first time since 2014: deficit of €2.2 billion

Government Budget 2017 January – May (cash basis)

• Improvement compared to last year, exceeded revisedtargets (Medium-term Fiscal Strategy 2018-2021)

• Primary surplus of €1.84 billion, from €1.45 billion last yearand against target of €1.05 billion

• Improvement mainly due to expenditure containment:

€584 million less expenses of Regular Budget

€360 million less funding from Public Investment Programme

• Less revenue, solely from lower inflows from EU for the Public

Investment Programme (-€1.18 billion)

Increase of Regular Budget’s net revenue from privatizations and transaction tax

collection (not from direct taxes)

Continuation of increase of industrial production

• Q1/2017: Increase of 7.2% against +0.2% during Q1/2016

Increase in all industrial sectors

• Mining: +12.7% against -17.0%

• Manufacturing: +4.4% against +2.8%

• Electricity: +18.4% against -4.2%

Sources: ELSTAT, Eurostat

Industrial Production Index

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q1

/20

05

Q2

/20

05

Q3

/20

05

Q4

/20

05

Q1

/20

06

Q2

/20

06

Q3

/20

06

Q4

/20

06

Q1

/20

07

Q2

/20

07

Q3

/20

07

Q4

/20

07

Q1

/20

08

Q2

/20

08

Q3

/20

08

Q4

/20

08

Q1

/20

09

Q2

/20

09

Q3

/20

09

Q4

/20

09

Q1

/20

10

Q2

/20

10

Q3

/20

10

Q4

/20

10

Q1

/20

11

Q2

/20

11

Q3

/20

11

Q4

/20

11

Q1

/20

12

Q2

/20

12

Q3

/20

12

Q4

/20

12

Q1

/20

13

Q2

/20

13

Q3

/20

13

Q4

/20

13

Q1

/20

14

Q2

/20

14

Q3

/20

14

Q4

/20

14

Q1

/20

15

Q2

/20

15

Q3

/20

15

Q4

/20

15

Q1

/20

16

Q2

/20

16

Q3

/20

16

Q4

/20

16

Q1

/20

17

Ap

ril 2

01

7

Eurozone-19 Greece

Construction: Important increase in Q1/2017

Construction Production Index and Building Activity Indicator(quarter y-o-y changes)

Q1/2017: +8.6%

Q1/2017: -8.1%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

-80

-60

-40

-20

0

20

40

60

80

Q1

/20

06

Q2

/20

06

Q3

/20

06

Q4

/20

06

Q1

/20

07

Q2

/20

07

Q3

/20

07

Q4

/20

07

Q1

/20

08

Q2

/20

08

Q3

/20

08

Q4

/20

08

Q1

/20

09

Q2

/20

09

Q3

/20

09

Q4

/20

09

Q1

/20

10

Q2

/20

10

Q3

/20

10

Q4

/20

10

Q1

/20

11

Q2

/20

11

Q3

/20

11

Q4

/20

11

Q1

/20

12

Q2

/20

12

Q3

/20

12

Q4

/20

12

Q1

/20

13

Q2

/20

13

Q3

/20

13

Q4

/20

13

Q1

/20

14

Q2

/20

14

Q3

/20

14

Q4

/20

14

Q1

/20

15

Q2

/20

15

Q3

/20

15

Q4

/20

15

Q1

/20

16

Q2

/20

16

Q3

/20

16

Q4

/20

16

Q1

/20

17

Q2

/20

17

Greek Employment Level (left) Greek Production index (right) Eurozone -19 Production index (right)

Sources: ELSTAT, Eurostat

Slight improvement in Retail Trade

Volume Index in Retail Trade (2010=100) and Business Climate Index in Retail Trade (1996-2006=100)

Sources: IOBE, ELSTAT

January-April 2017: +2.8% against -2.9% last year, even with important loss in Food-

Drink sector (-4.6% against +2.4%) and in Department Stores (-2.1% against +12.0%)

40

50

60

70

80

90

100

110

120

130

40

50

60

70

80

90

100

110

120

130

Q1

/20

05

Q2

/20

05

Q3

/20

05

Q4

/20

05

Q1

/20

06

Q2

/20

06

Q3

/20

06

Q4

/20

06

Q1

/20

07

Q2

/20

07

Q3

/20

07

Q4

/20

07

Q1

/20

08

Q2

/20

08

Q3

/20

08

Q4

/20

08

Q1

/20

09

Q2

/20

09

Q3

/20

09

Q4

/20

09

Q1

/20

10

Q2

/20

10

Q3

/20

10

Q4

/20

10

Q1

/20

11

Q2

/20

11

Q3

/20

11

Q4

/20

11

Q1

/20

12

Q2

/20

12

Q3

/20

12

Q4

/20

12

Q1

/20

13

Q2

/20

13

Q3

/20

13

Q4

/20

13

Q1

/20

14

Q2

/20

14

Q3

/20

14

Q4

/20

14

Q1

/20

15

Q2

/20

15

Q3

/20

15

Q4

/20

15

Q1

/20

16

Q2

/20

16

Q3

/20

16

Q4

/20

16

Q1

/20

17

Ap

ril 2

01

7

Volume of Retail Trade index (left) Entrepreneurial Expectations Index (right)

Slight fluctuation of Economic Sentiment Indicator in 2017, higher compered to last year. In EU and Eurozone the Economic Sentiment Indicator has an upward trend

Sources: ΙΟΒΕ, European Commission

Economic Sentiment Indicator

50

60

70

80

90

100

110

120

Jun

. 20

06

De

c. 2

00

6

Jun

. 20

07

De

c. 2

00

7

Jun

. 20

08

De

c. 2

00

8

Jun

. 20

09

De

c. 2

00

9

Jun

. 20

10

De

c. 2

01

0

Jun

. 20

11

De

c. 2

01

1

Jun

. 20

12

De

c. 2

01

2

Jun

. 20

13

De

c. 2

01

3

Jun

. 20

14

De

c. 2

01

4

Jun

. 20

15

De

c. 2

01

5

Jun

. 20

16

De

c. 2

01

6

Jun

. 20

17

Economic Sentiment EU Economic Sentiment Eurozone Economic Sentiment Greece Greece's Average (2001-2016)

Significant improvement in entrepreneurial expectations, during Q2/2017, in Services, but relative deterioration in Construction, Retail Trade and Manufacturing

Source: ΙΟΒΕ

ConstructionManufacturing

Retail Trade Services

-50

-40

-30

-20

-10

0

10

50

60

70

80

90

100

110

120

Jun

. 20

06

De

c. 2

00

6Ju

n. 2

00

7D

ec.

20

07

Jun

. 20

08

De

c. 2

00

8Ju

n. 2

00

9D

ec.

20

09

Jun

. 20

10

De

c. 2

01

0Ju

n. 2

01

1D

ec.

20

11

Jun

. 20

12

De

c. 2

01

2Ju

n. 2

01

3D

ec.

20

13

Jun

. 20

14

De

c. 2

01

4Ju

n. 2

01

5D

ec.

20

15

Jun

. 20

16

De

c. 2

01

6Ju

n. 2

01

7

Industry - Greece

Greece's Average (2001-2016)

Industry - Eurozone (right)

-40

-30

-20

-10

0

10

0

20

40

60

80

100

120

Jun

. 20

06

De

c. 2

00

6Ju

n. 2

00

7D

ec.

20

07

Jun

. 20

08

De

c. 2

00

8Ju

n. 2

00

9D

ec.

20

09

Jun

. 20

10

De

c. 2

01

0Ju

n. 2

01

1D

ec.

20

11

Jun

. 20

12

De

c. 2

01

2Ju

n. 2

01

3D

ec.

20

13

Jun

. 20

14

De

c. 2

01

4Ju

n. 2

01

5D

ec.

20

15

Jun

. 20

16

De

c. 2

01

6Ju

n. 2

01

7

Construction - Greece

Greece's Average (2001-2016)

Construction- Eurozone (right)

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

Jun

. 20

06

De

c. 2

00

6Ju

n. 2

00

7D

ec.

20

07

Jun

. 20

08

De

c. 2

00

8Ju

n. 2

00

9D

ec.

20

09

Jun

. 20

10

De

c. 2

01

0Ju

n. 2

01

1D

ec.

20

11

Jun

. 20

12

De

c. 2

01

2Ju

n. 2

01

3D

ec.

20

13

Jun

. 20

14

De

c. 2

01

4Ju

n. 2

01

5D

ec.

20

15

Jun

. 20

16

De

c. 2

01

6Ju

n. 2

01

7

Services - Greece

Greece's Average (2002-2016)

Services- Eurozone (right)

-30

-25

-20

-15

-10

-5

0

5

10

0

20

40

60

80

100

120

140

Jun

. 20

06

De

c. 2

00

6Ju

n. 2

00

7D

ec.

20

07

Jun

. 20

08

De

c. 2

00

8Ju

n. 2

00

9D

ec.

20

09

Jun

. 20

10

De

c. 2

01

0Ju

n. 2

01

1D

ec.

20

11

Jun

. 20

12

De

c. 2

01

2Ju

n. 2

01

3D

ec.

20

13

Jun

. 20

14

De

c. 2

01

4Ju

n. 2

01

5D

ec.

20

15

Jun

. 20

16

De

c. 2

01

6Ju

n. 2

01

7

Retail Trade- GreeceGreece's Average (2001-2016)Retail Trade - Eurozone (right)

Recovery of consumer confidence in Q2/2017, from very low levels one year ago

Sources: ΙΟΒΕ, European Commission

Consumer Confidence

-90

-80

-70

-60

-50

-40

-30

-20

-10

0

Jun

-06

Dec

-06

Jun

-07

Dec

-07

Jun

-08

Dec

-08

Jun

-09

Dec

-09

Jun

-10

Dec

-10

Jun

-11

Dec

-11

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Consumer Confidence in EU Consumer Confidence in EA

Consumer Confidence in Greece Consumer Confidence (2001-2016)

Unemployment continues to decline in Q1/2017

Number of unemployed in Greece Q1/1998-Q1/2017

Unemployment rate at 23.3% in Q1/2017 against 24.9% in Q1/2016 and 23.6% in Q4/2016 Increase of employment in 15 sectors: E.g. Information-Communication (+8.4%), Managerial-Supportive

activities (+8.4%), Human Health activities-Social care (+3.8%), Manufacturing (+3.2%), Public administration-National defense (+3.0%), Construction (+1.4%), Wholesale-Retail trade (+0.9%), Tourism (+0.2%).

Decrease in employment in 6 sectors: E.g. Real Estate (-32.8%), Professional-Scientific-Technical activities (-5.4%).

Source: ELSTAT

532.1 558.9 565.0 532.3 537.1501.2

558.2517.4 488.5 459.1

418.6476.7

600.2

799.6

1,119.1

1,336.0 1,342.31,272.5

1,195.11,114.7

0

200

400

600

800

1,000

1,200

1,400

1,600

1Q

/19

98

1Q

/19

99

1Q

/20

00

1Q

/20

01

1Q

/20

02

1Q

/20

03

1Q

/20

04

1Q

/20

05

1Q

/20

06

1Q

/20

07

1Q

/20

08

1Q

/20

09

1Q

/20

10

1Q

/20

11

1Q

/20

12

1Q

/20

13

1Q

/20

14

1Q

/20

15

1Q

/20

16

1Q

/20

17

Tho

usa

nd

s

Wage cost increase in Q1/2017

Wage cost indicator of total economy (seasonally adjusted)

In Q1/2017, wage cost index of total economy increased by 1% compared toQ1/2016

Source: ELSTAT

-20%

-15%

-10%

-5%

0%

5%

10%

15%

0

20

40

60

80

100

120

140

20

07

/Q1

20

07

/Q2

20

07

/Q3

20

07

/Q4

20

08

/Q1

20

08

/Q2

20

08

/Q3

20

08

/Q4

20

09

/Q1

20

09

/Q2

20

09

/Q3

20

09

/Q4

20

10

/Q1

20

10

/Q2

20

10

/Q3

20

10

/Q4

20

11

/Q1

20

11

/Q2

20

11

/Q3

20

11

/Q4

20

12

/Q1

20

12

/Q2

20

12

/Q3

20

12

/Q4

20

13

/Q1

20

13

/Q2

20

13

/Q3

20

13

/Q4

20

14

/Q1

20

14

/Q2

20

14

/Q3

20

14

/Q4

20

15

/Q1

20

15

/Q2

20

15

/Q3

20

15

/Q4

20

16

/Q1

20

16

/Q2

20

16

/Q3

20

16

/Q4

20

17

/Q1

Index (left) Percentage change (right)

Small Current Account Balance deficit of €3 billion in the first four months of 2017

Current Account Balance, January-April 2002-2017

Source: Bank of Greece

Surplus increase in Service Balances, Primary and Secondary incomes, buttrade deficit swelling

-4.7

-5.7-6.0

-7.5

-10.1

-14.2-13.6

-10.5

-13.2

-8.8

-6.4

-5.0

-3.3

-4.2

-3.2 -3.0

-16.0

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Bill

ion

s€

Increase by 27.3% of trade balance deficit in first forth months of 2017

January-April 2017:

• Exports: +17.5% (€9 billion, including fuel)

+3.1% (€6.2 billion excluding fuel and shipping)

• Imports: +21.9% (€17.1 billion)

• Trade deficit: +27.3%

• Decline: Agricultural products (-4.6%), Other non categorized (-5.6%)

• Increase: Fuels (67.1%), Raw materials (34.6%), Industrial products (4.1%)

Markets:

• Losses: Netherlands (4.4%), Spain (3.1%),Portugal (6.4%), Finland (31.3%), Sweden (4.2),Canada (2.9%), Brazil (51.4%)

• Increase: Eurozone (7.6%), EE-28 (7.3%), France(13.6%), Germany (5%), United Kingdom (5.4%),Cyprus (9.4%), Turkey (21%), Denmark (74.2%),Bulgaria (9.4%), Russia (9.2%), USA. (3.3%), Israel(89.1%), China (44%)

Source: ELSTAT

0

5,000

10,000

15,000

20,000

25,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

mill

ion

€

Value of Greek imports and exports in the first four months of period 2008-2017

Deficit Imports Exports

• Consumer Price Index January-May2017: +1.4%, against deflation 1% in2016.

• Increase of prices in all countries ofEurozone, due to fuel price.

• Domestically, additional inflationarypressure due to increase in exciseduty on fuel, natural gas and tobaccoproducts, new fee for telephony andtax in coffee imports.

Inflation after 4 years of deflation

• Producer Price Index January-May 2017: Intense increase of 9.1%, against -9.8% last

year Fluctuations, again due to fuel.

• Energy commodities (except electricity), natural gas (+43%) and Mines-Quarries-

Manufacturing (+11%) show important change compared to the same period last year.

-4%

-3%

-2%

-1%

0%

1%

2%

3%

May

20

12

Au

g. 2

01

2

No

v. 2

01

2

Feb

. 20

13

May

20

13

Au

g. 2

01

3

No

v. 2

01

3

Feb

. 20

14

May

20

14

Au

g. 2

01

4

No

v. 2

01

4

Feb

. 20

15

May

20

15

Au

g. 2

01

5

No

v. 2

01

5

Feb

. 20

16

May

20

16

Au

g. 2

01

6

No

v. 2

01

6

Feb

. 20

17

May

20

17

Harmonized Inflation

Eurozone-19 GreeceSource: Eurostat

Effects of completion of second assessment

Retreat of uncertainty for achieving an agreement:

• Stimulation of investment climate, due to new reforms (investment license facilitation, new spatialplanning, changes in labor relations) Enhancement of employment

• Decrease in the decline of household deposits and gradual reversal of trend, facilitating firmsseeking to get access to liquidity from capital markets

Measures for public debt:

• Not further specification of medium term actions of May 2016

• Possibility to redefine loan repayment terms without Debt Sustainability Analysis Probably inthe coming period

• Commitment for primary surplus for the period 2023-2060 facilitation of debt sustainabilityanalysis

• Examination by IMF Board of Greece’s application for a 14-month funding

Greece will probably enter in the Q-E programme, if the EFSF loan is restructured and if the IMF will provide funding to Greece

Effects of completion of second assessment

Waiting for developments in the banking system

• Results from the new management of non-performing

loans

• Possible inclusion in the Q-E programme Likely to

be exploited in the view of the ECB stress tests in

January 2018

• Slight increase in deposits in the second semester of

2017 (from 2001 levels)

• Most likely a smallercredit shrink, evenwith Q-E

• Slight increase inbusiness loans in thesecond semester of2017

Unchanged fiscal measures for 2017• Most of new measures taken during the second assessment, are for period 2019-

2020

Measures for investment-growth, with medium-term impact• Additional EU resources, and from redistribution of ESPA programme 2014-2020,

funding opportunities from international investment banks, efforts to create a National

Development Bank

Mid-term developments

Pressure from first assessment measures-attenuation in the second

semester.

• Negative effects for households, mainly from tax-free income reduction, pension cuts

• Pressures on freelancers-farmers-wage earners from change in tax scale and in

insurance contributions

• Weakening of impacts of last year’s measures in the second half (base results)

Subdued public sector contribution to liquidity-investments

• Under-implementation of Public Investment Program, due to the low absorption of EU

resources

• Escalation of concession-privatization activities in the Q2/2017 (extension of Athens

International Airport contract, proclamation of Piraeus Port Authority bidder)

But also time consuming procedures for completion of contracts/licensing of investments

• Following a significant repayment of arrears last year, new increase this year, with

additional arrears of around €700 million

However, continuation of public contribution to employment, mainly through OAED’s public

work programmes

Mid-term developments

Effects from external environment

• Continuous oil price decline since April Prices have reached last year’slevels ($45-47)

• Slight increase in €/$ exchange rate after election results in Eurozone anddeclining expectations for fiscal expansion in the US

• Tension in Turkey and in the Middle East favoring the tourism sector

International uncertainty factors

• Outcome of conflicts in the Middle East

• New government policy in the US (fiscal-commercial)

• BREXIT

• Strengthening of national protectionism

Forecasts 2017

• Increase of private consumption (≈ 1.4%) mainly due to increase in employment

Halting of increase from fiscal measures of first assessment, milder in the second half

Technical enhancement from expansion of electronic transactions

• Increase in public consumption (≈ 1.0%)

Slight increase in government expenditure in the first quarter

Facilitating consumers spending from disbursing loan installment

• Investment expansion (≈ 13-15%) from:

New activity growth in tradeable sectors (manufacturing, tourism) and continuous

enhancement of construction activity (public and construction projects)

Liquidity for large firms through capital markets

Positive technical effects from inventories

• But also:

Liquidity from banks (low level of deposits-upcoming stress tests)

The high volatility of the tax-insurance system is dissuasive

GPD growth around 1.5%

External sector

• Exports increase (5.5%), mainly of services, due to:

significant increase in international demand for transportation services

not high energy cost

mild increase in export of goods, other than oil products and tourist receipts

• Higher increase of imports (8.5%) due to:

increase in domestic demand, capital controls easing in June 2016

weakening of relaxation effect (on an annual basis) after one year

Forecast for growth rate of 1.5% in 2017 or slightly

less

Forecasts 2017: Decrease of unemployment, increase of prices

New decrease of unemployment in 2017, at a smaller rate

• Enhancement of employment in tradeable sectors (manufacturing, tourism)

• Completion of assessment and reforms in labor market enhance investment and

employment

• Re-contribution of the public sector, mainly through temporary employment with

OAED’s public work programs, but also through recruitment (e.g. Health Services)

• Pressure of new measures from 01/01/2017 (direct-indirect taxation) in

employment in professional services and in retail trade

Drop of unemployment about 1%: to 22.2%

Inflation 1.5%

• Due to increase of indirect taxes and imposition of new taxes, but also due to

higher oil price

IOBE study:

Effects of reforms in tradeable sectors

Purpose of study

The purpose of this study is to examine the effects in technicalefficiency of tradeable sectors from:

Sectors studied:

Production and distribution of electric energy, Road freight transport, Passengers transport, Cruises-Yachts, Gaming-Casino

Reforms in specific sectors

«Horizontal» reforms that concern total economy (e.g. labor

market, establishment of new firms)

Firm characteristics

(e.g. age, location)

Macroeconomic conditions (e.g. GPD growth, credit

expansion/shrinking)

Study Results

Effects of sectoral reforms

• Positive effects in two sectors (Road freight transport, Passengers transport), slightly negative effect inProduction and distribution of electric energy, no effect in other sectors.

Effects of “horizontal” reforms

• Enhancement of efficiency from reforms in labor market in three sectors (Production and distributionof electric energy, Road freight transport, Passengers transport).

• Facilitation of business establishment favored only Road freight transport sector and reducedefficiency in Passengers transport sector.

Effects of firm characteristics

• Positive effect of age in the efficiency levels of all sectors, except Cruises-Yachts sector.

• Significant effect of location (in Athens or Thessaloniki regions) in all sectors, but positive effect only inPassenger transport sector and in Cruises-Yachts sector.

Effects of microeconomic environment

• Significant effect of recession in all sectors, except Production and distribution of electric energysector

• Credit expansion increases efficiency in Production and distribution of electric energy, Road freighttransport and Cruises-Yachts sectors.

www.iobe.gr

twitter.com/IOBE_FEIR

Thank you for your attention!