Greek SMEs confidence drops as Middle East crisis raises energy costs

A field survey by the Economic Analysis Department of the National Bank of Greece (ETE) in April 2026 found that the confidence index of Greek micro‑ and small‑enterprises fell by four points, from 17 to 13, reaching levels similar to the 2022 energy crisis. Only half of the firms now expect to grow, down from almost 60% in the previous half‑year, while strategic stability rose as companies became more cautious.

Energy and raw‑material price pressure was identified as the main cause: 61% of SMEs reported a significant impact on costs, and 54% chose to absorb the higher expenses without making substantive adjustments. Despite these pressures, the sector’s financial health stayed resilient – the share of firms pursuing survival strategies stayed at 13% and those facing serious liquidity problems remained low at about 9%.

The survey noted that oil prices have fallen back toward the historical average of $70‑80 per barrel from the peak of around $120, suggesting that if the survey were repeated later in the year the confidence index could rebound to pre‑crisis levels around 20.