Economic confidence holds steady

Analysis

Rising confidence among businesses and falling confidence among consumers cancelled each other out, leaving the GKI-Erste economic confidence index basically unchanged in August, GKI reported today.

According to GKI: "In August in the business sphere expectations of commercial companies improved definitely, those of industrial companies increased within the statistical margin of error, whereas no substantive changes took place in construction and services. The industrial confidence index corrected somewhat upwards in August, which is a positive development, taking into account its decline since May. The assessment of incoming orders and production prospects improved as well, whereas the evaluation of inventories stagnated. The construction confidence index fell within the statistical margin of error in August, that is, it was almost the same as in the previous month being at its 12-year peak."

As for consumer confidence, GKI reported: "After three months of stagnation, the GKI consumer confidence index decreased slightly in August. Households assessed their financial situation and their savings capacity for the following year slightly worse than in the previous month. In addition, the fear of unemployment somewhat strengthened."

Image courtesy of GKI.

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