Mild weakening of the economic climate was recorded in October, as reported by the progress bulletin in the IOBE Industry, due to deteriorations in Services, Industry, and Retail Trade. Marginal strengthening of consumer confidence.

Regarding the industry, there was a decrease in expectations in the Industry, to 96.5 units in October, from 100.5 units in September, but an improvement compared to the same month a year ago (from 95.9 units in October 2022).

There was also observed a weakening in industrial production in September compared to August, but an improvement of 2.1% (y-o-y) in Greece, compared to a decline of 6.1% in the EU27. There was a slight decline in domestic manufacturing by 0.4% (y-o-y).

However, a new decrease in unemployment was recorded in September (y-o-y), to 8.6% from 10.7% in the corresponding month of the previous year.

In the current report, a special feature is presented on "The pharmaceutical industry in Greece and its contribution to the Greek economy":

As reported, the pharmaceutical industry has shown significant contributions in terms of production value and added value, with a production value of €1.9 billion in 2022 (+16.1% y-o-y) and added value of €1.5 billion in 2021 (from €1.3 billion in 2020).

The overall contribution of the pharmaceutical industry to the GDP is estimated at approximately €6.2 billion (or 3.4% of the GDP) in 2021.