Business sentiment, consumer confidence up

Analysis

The GKI-Erste combined consumer/business confidence index rose further in September as both business confidence and consumer expectations improved. The combined consumer-business confidence index improved to -11.6 points, the best since February 2011, from -14.3 points in August.

The business confidence index rose to -4.8 points, also the best since early 2011, from -6.3 points, and the consumer confidence improved to -31.0 points, the best again since early 2011, from -36.9 in August, when it still fell from -35.3 points in July.

Apart from service companies, the confidence of which fell in a correction of the spectacular growth in August, expectations of all businesses improved in September. Industrial companies' assessment of output and order stock improved back to almost the level of early last year, but new export business expectations deteriorated, and felt inventories diminishing.

Construction companies' confidence continued to improve significantly, but they are still the most pessimistic of all businesses. Their assessment of past output fell, but expectations for new business improved.

Confidence in the commercial sector improved slightly, while expectations for new orders grew significantly.

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