In July, the imputed volatility index KEPE GRIV or the "fear" index of the Center for Planning and Economic Research (KEPE) moved downwards, reaching 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 enterprises, which stands 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 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 and is calculated on the basis of the option prices of the FTSE / X.A. Large Cap index.

KEPE Composite Pre-emption Index

It is a Composite Prepayment Index (DBP) based on a dynamic factor model, constructed using six selected monthly economic variables with pre-pre-growth 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 trajectory of the DBP provides precursor signals for the upcoming recovery of the Greek economy, anticipating the expected gradual lifting of containment 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, 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, as the inclusion of the new data should indicate whether or not the observed trends continue and provide additional indications on the path of future domestic economic activity.

KEPE prepares and publishes on a monthly basis the two innovative and specialized indicators aiming at the regular monitoring of the economic situation.