Business, consumer confidence slip further in July - GKI

Analysis

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Economic research institute GKI's combined gauge of consumer and business confidence fell to -9.4 points in July from -7.5 points in the previous month, according to a report by state news wire MTI.

The business confidence index fell to +2 points from +3.7 points, dropping on a "tangible" worsening of expectations in the industrial sector, while sentiment in all other sectors improved.

In the construction sector, sentiment saw a positive correction after two months of declines, although outlooks worsened for building companies while improving for civil engineering businesses.

In the commerce sector, confidence improved "slightly' but wasn't much higher than during the coronavirus crisis. Sales positions were improved, but assessments of inventories were "a little" worse.

Among service sector companies, outlooks improved, even though turnover deteriorated.

GKI's consumer confidence index fell to -41.7 points in July from -39.4 points in the previous month. Households' assessments of their financial situations worsened, and fewer expected to be able to make savings or planned big purchases.

GKI's gauge of business and consumer confidence is supported by European Union funding.

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