The implied volatility index KEPE GRIV or the "fear" index of the of enterprises , according to the Centre for Planning and Economic Research (KEPE). In particular, it reached 25,31% on 30/7/2021 from 26,22% on 30/6/2021. The index remained below its historical average (since January 2004) for the Greek market, which is at 32.81%. In addition, in July 2021 the average daily value of the index decreased to 24,81% from 27,20% in June 2021. The evolution of the "fear" index reflects the decline in uncertainty about the expected short-term course of the Greek market.

The implied volatility index KEPE GRIV or "fear" index reflects the uncertainty of derivatives market participants about the expected short-term course of the Greek market. It is calculated on the basis of the option prices of the FTSE/X.A. Large Cap index.

The course of the "fear" index KEPE GRIV over time (daily estimates 2/1/2004-30/7/2021)

KEPE Composite Pre-emption Index ("fear" index)

This is a Composite Pre-emption Index (DBP) based on a dynamic factor model. It is constructed using six selected monthly financial variables with pre-pre-harvest characteristics. It provides preliminary indications of the course and the turnarounds in Greek economic activity, before they are reflected in the current aggregates of economic activity. According to the most recent observation for April 2021, the DBP increased significantly for the second consecutive period, now approaching the levels of the first quarter of 2020.

This development reflects the continued recovery in expectations and the improvement in the assessments of participants in economic activity. The recent course of the DBP provides precursor indications for the upcoming recovery of the Greek economy. It anticipates the expected gradual lifting of restrictive measures and the associated reopening of important sectors in the short term.

At the same time, uncertainty about the overall evolution of the pandemic domestically and internationally remains particularly high. This is despite the progress made in terms of dealing with the health crisis and implementing the vaccination program.

For this reason, a reassessment of the DBP is necessary. The incorporation of the new data should demonstrate whether or not the observed trends continue. And also to provide additional indications on the course of future domestic economic activity.

KEPE Monthly QMS, February 2000-April 2021

KEPE prepares and publishes on a monthly basis the two innovative and specialized indicators. The aim is to monitor the economic situation regularly.