The measure of confidence in the industrial sector moved into positive territory for the first time in a year and a half, supported by a better outlook for production and an improved assessment of order stock, GKI said.

Construction sector sentiment "basically returned" to pre-pandemic levels as the outlooks for both the building and civil engineering segments improved and assessments of order stocks were better, too.

Confidence in the commercial sector "approached the level last March" as assessments of sales positions improved "significantly" and companies reported a "never before seen" upsurge in expectations regarding orders.

In the service sector, confidence "increased significantly" but was still under pre-crisis levels, GKI said.

GKI bases its business confidence index on surveys conducted mid-month.

Its consumer confidence index – based on surveys conducted early in the month – rose to -24.5 from -32.6 points in April.

GKI's combined gauge of business and consumer confidence increased to -6.8 from -16.7 points.