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GKI consumer-business confidence up in May

Hungarian economic think tank GKI's combined consumer and business confidence index inched up to -19 in May after reaching an all-time low of -22.5 in April.

GKI's business confidence index improved to -7.3 in May from -10.9 in April. The consumer confidence index rose to -52.3 from -55.4.

Both businesses' and households' outlook for the Hungarian economy improved in May compared to April, when the government coalition split up, GKI noted.

Among industrial companies, the outlook for production and the assessment of order stock for improved, though not for export orders. Fewer companies planned to make more hires and fewer saw price rises on the cards.

In the construction sector, the assessment of output continued to deteriorate, though that of order stock improved and more companies planned to hire workers. Fewer companies planned price rises.

In the trade sector, companies' assessment of their market position, order stock and inventories improved. More companies planned to raise prices.

In the services sector, outlook improved significantly, though order stock deteriorated slightly.

Consumers reported an improvement in their own financial positions, their ability to make savings and the employment outlook. But they were more pessimistic about price rises. (MTI - Econews)