Business, Consumer Confidence Weaken Further in August
Image by Shutterstock.com
Economic research institute GKI's combined gauge of consumer and business confidence fell to -14.3 points in August from -9.4 points in the previous month, according to a report by state news wire MTI.
The business confidence index fell to -2.1 points from +2 points, slipping into negative territory for the first time in more than a year.
In the industrial sector, the outlook for production worsened, but companies signaled an improvement in order stock and inventories.
Sentiment in the construction sector reached a three-month low on growing pessimism among civil engineering companies.
In the commerce sector, an improvement in sentiment in the previous month was wiped out completely in August as outlooks for sales positions and orders worsened.
Among service sector companies, assessments of business in recent months and outlooks for turnover in the future deteriorated.
The consumer confidence index dropped to -49.2 points in August from -41.7 in the previous month. Households said their financial positions were worse and fewer could make savings. Fewer said they planned to make big-ticket purchases.
GKI's gauge of business and consumer confidence is supported by European Union funding.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.