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Business sentiment improves, consumer confidence worsens

The GKI-Erste combined consumer-business confidence index edged up to -24.6 points in October from -25 points in September as business expectations improved, but the outlook for consumers worsened.

The index, which is supported with European Union funding, stagnated in September. The business confidence index rose to -14.6 points in October from -16.4 in September. Expectations in the industrial sector improved, mainly because of a reduction of inventories but also because of a better outlook for production.
The assessment of export orders in the sector worsened. Sentiment in the construction sector and the service sector was little changed, but a gauge of trade businesses showed a degree of pessimism not seen since January 2010. Most companies planned no significant price rises.
The consumer confidence index fell to -53 points in October from -49.5 in September. More households expect prices to rise and more said they are worse of in terms of their financial positions and ability to make savings. Fewer saw a chance to buy big-ticket consumer products.