The Economic Climate Index in Greece rose significantly to 102.2 points in October, reversing the decline recorded in September when the index had dropped below the zero-optimism mark of 100 points to 99.3.

According to the monthly survey of the Foundation for Economic and Industrial Research (IOBE), published on Monday (November 3), the October figure was the highest since the beginning of the crisis and reflected a gradual de-escalation of economic contraction and a reversal in rising unemployment. The economy is considered to be returning to positive growth rates and higher consumption.

The October rise reflected an improvement in industry, retail commerce, consumer confidence and construction expectations; however forecasts on manufacturing fell.