Consumer confidence on the rise, business confidence stable
GKIʼs latest surveys on the Hungarian economy showed that business confidence had stayed roughly the same while consumer confidence improved in May, according to a report by Hungarian news agency MTI.
GKIʼs combined gauge of consumer and business confidence stood at -3.2 points in May, up from April’s -3.9 points, while the business confidence index is at 2.3 points, up from 2.2 points, MTI reported.
Households’ confidence in their financial position, their ability to invest in savings as well as their chances to make big ticket purchases improved, leading to a consumer confidence index of -18.9, 2.2 points higher than it was in April, the MTI report said.
While construction companies rated their output in the previous period and their order stock as negative, prospects for building construction companies improved slightly. Trade companies said they felt their sales positions improved, with their assessment of prospective orders and inventory staying unchanged, according to MTI.
Companies in the service sector assessed both their prospective turnover as well as business in general negatively, MTI stated.
The seasonally adjusted GKI index is supported by European Union funding. According to GKI: “The business confidence index is calculated from the responses of enterprises in industry, trade, construction and services given to questions concerning the state of business and expectations of turnover and employment. ... The consumer confidence index is calculated from responses given to questions concerning the expected financial position of households, the expected economic and unemployment situation of the country, and the prospects for saving.”
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