GKI-Erste Consumer/business confidence index up
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The GKI-Erste combined consumer/business confidence index rose to -1.7 points from -2.9 points in January, a level unseen for more than a decade: The business confidence index rose to 3.8 points from 4 points in December, while the consumer confidence index improved to -17.2 points from -22.7 points, a level last reached eight years ago.
In the business sector, expectations improved in all segments apart from industry. Just as in December, the percentage of optimistic companies exceeded that of pessimistic ones, which had not occurred since the end of 2010.
Among industrial companies, the assessment of the production outlook, order stock and inventories deteriorated slightly, though the assessment of output in the previous period improved.
Sentiment among construction companies continued to improve, although modestly. In spite of the long-term improvement, this is the only sector where the share of pessimistic companies exceeds that of optimistic ones.
Sentiment among trade companies improved to a record high in the history of the survey.
The service sector confidence index rose only minimally.
Companies said they plan to make more hires in all sectors, and people's fears of unemployment have not been at such a low level since almost twelve years ago. Consumers' inflationary expectations continued to lessen. The assessment of the Hungarian economy's outlook improved among consumers and in the construction and trade sectors, although it deteriorated among industrial and service companies.
Consumers were more optimistic regarding their own financial outlook and their ability to make savings in the next twelve months than in December.
The seasonally adjusted GKI-Erste index is supported with European Union funding.
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