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Consumer confidence falls, business confidence gains in October

Economic research institute GKIʼs Economic Sentiment Index, a combined gauge of consumer and business confidence, improved 1.7 points to 7.2 points in October, rising after falling for two months in a row, state news agency MTI reported.   

GKIʼs standalone business confidence index rose 2.7 points to 13.1, while the consumer confidence index fell 1.2 points to minus 9.5.    

Sentiment in the industrial sector improved on a more optimistic assessments of output in the previous period. The construction sector confidence index rose as building companiesʼ outlook improved, while that of civil engineering companies worsened. The assessment of output in the previous three months improved significantly, while that of the order stock was slightly better.  

In trade, retailers and wholesalers were slightly more pessimistic about their sales positions and prospective orders, but were more positive about inventories. Sentiment in the service sector improved for the second month in a row, albeit only slightly.

The fall in consumer confidence reflected householdsʼ slightly worse evaluation of their own financial position, although optimism about their ability to make savings improved a bit further.

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