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Consumer confidence down, business confidence up in October

Economic research institute GKIʼs combined gauge of consumer and business confidence edged up to -18.8 points in October from -19.3 points in the previous month as consumer confidence worsened and business confidence improved, according to a report by state news wire MTI.

GKIʼs measure of confidence in the business sector rose to -13.4 points in October from -15.1 points in the previous month.

By October, GKIʼs confidence index recovered half of the ground lost in April.

Confidence in the industrial sector improved as assessments of output in the previous sector slightly deteriorated but views on the outlook for production and the order stock - including export orders - improved significantly. Low demand remains the main impediment to growth. 

Construction sector expectations remained stable as building companies became more optimistic while civil engineering companiesʼ assessments deteriorated. Views on order stock slightly deteriorated. 

Confidence in the commerce sector slightly improved in October. While assessments of sales positions and inventory levels improved, views on prospective orders slightly worsened. 

Service sector companies gave more negative views on business in general, turnover in the previous period, and the outlook. 

GKIʼs consumer confidence index fell to -34.2 points in October from -31.1 points in the previous month.

Consumersʼ unemployment fears continued to strengthen as did their inflationary expectations. 

Households assessed their own financial position as worse than in September but views on their future ability to make savings improved.