Are you sure?

Business, consumer confidence down in January

Economic research institute GKIʼs economic sentiment index, its combined gauge of consumer and business confidence, fell 1.5 points to 7.1 in January, falling after climbing three months in a row, according to a report by state news wire MTI.

Of the two main components of the economic sentiment index, the standalone business confidence index likewise fell 1.5 points to 13.9 as sentiment worsened among industrial and construction companies, though improving in the service and commerce sectors.

Industrial companiesʼ assessment of production, outlook and their overall order stock - including export orders - worsened. Views about inventories were slightly more positive.

Outlook deteriorated the most in the construction sector, although it still remained very positive. The outlook for both civil engineering companies and building companies worsened slightly.

In the commerce sector, sentiment improved slightly after worsening for three months in a row. Assessments of sales positions improved a little, but views on inventories and order stocks slightly deteriorated.

The service sector confidence index minimally improved as companiesʼ assessment of ongoing business worsened, but the outlook was better.

Meanwhile, the consumer confidence index - the other main component of the  economic sentiment index - also fell 1.5 points to -12.1. Households were more pessimistic about their own financial positions and fewer thought they could make savings in future, although more households said they could make big-ticket purchases.

GKI compiles the index with the support of European Union funding.