Business confidence up, consumer confidence down in May - GKI

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Economic research institute GKIʼs combined gauge of consumer and business confidence rose 1.4 points to 4.3 in May, rising after declining for four months in a row, according to state news agency MTI.

The business confidence index rose 2.3 points to 9.4.

The industrial confidence index rose from a more than two-year low in April but the rise was smaller than in the past two years and the index failed to reach its level in March. Companiesʼ assessments of both production in the previous period and the production outlook as well as orders - including export orders - improved and respondents also perceived inventories as lower.

The construction sector confidence index stagnated after falling for two months. Building companies became slightly more optimistic while civil engineering companiesʼ outlook deteriorated somewhat further. As a result, the two segmentsʼ prospects became almost level with each other. Construction remained by far the most optimistic sector.

Sentiment in the commerce sector slightly improved as assessments of sales positions were barely changed and respondents became a lot more optimistic on prospective orders and slightly more positive on the size of inventories. 

The service sector confidence index returned to its level in March. Although assessments of business in general and turnover in the previous period weakened, the turnover outlook considerably improved.

The consumer confidence index declined 1.5 points to -10.4. Households were slightly more optimistic about their own financial prospects but less positive about their ability to make savings.

GKI compiles the index with the support of European Union funding.

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