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Consumer, business confidence improves in May

GKIʼs combined gauge of consumer and business confidence rose to -28.1 points in May from -33.1 points in April, the economic research institute said on Monday, state news wire MTI.

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GKI earlier said the consumer confidence index rose to -38.5 points in May from -49.8 points in April as householdsʼ fears of unemployment lessened but job loss remained their biggest fear. GKI suggested the improvement may be linked to the easing of curfew restrictions early in May.

On Monday, GKI said its business confidence index improved to - 24.5 points in May from -27.2 points in April.

Industry was the only sector where pessimism strengthened further as companiesʼ views deteriorated on orders - including export orders, output in the previous period as well as inventories. Respondents were slightly more positive on production outlook.

In the construction sector, building companies became far more optimistic while civil engineering firms gave even more pessimistic views.

Retailersʼ and wholesalersʼ assessments of sales positions deteriorated further but expectations of prospective orders improved significantly.

In the service sector, companiesʼ views on turnover in the previous period continued to worsen but expectations for the coming period improved.