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Hungary business sentiment improves, consumer confidence deteriorates

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The GKI-Erste combined consumer-business confidence index for Hungary rose slightly in August as business confidence improved, but consumer expectations deteriorated, state news agency MTI reported. 

The combined consumer-business confidence index improved to -14.3 points from -15.5 points. The business confidence index rose to -6.3 points from -8.6 points, but the consumer confidence index fell to -36.9 points from -35.3 points.

Construction companies’ confidence continued to improve, but their assessment of output and order stock deteriorated slightly. Confidence in the commercial sector was stable.

However, consumers’ fears of unemployment and their inflationary expectations increased. Households were also more pessimistic about the outlook for the Hungarian economy. Households’ expectations of their own financial position in the coming twelve months were slightly better, but they were a bit more pessimistic about their ability to make savings, GKI said.

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