Consumer confidence stable, business sentiment improves
Economic research institute GKIʼs combined gauge of consumer and business confidence rose to 1.7 points in May, a three-year high, from 0.5 points in the previous month. The standalone business confidence index rose from 6.4 points to 7.9 points, reported state news wire MTI.
GKI said the increase was primarily due to optimism among service companies. Meanwhile, industrial and trade companiesʼ expectations deteriorated, while the outlook for construction companies improved minimally.
Industrial companiesʼ assessment of their order stock deteriorated, though only for domestic orders. The outlook for production and inventories worsened.
In the construction sector, building construction companiesʼ sentiment improved, while civil engineering companiesʼ expectations worsened compared to the previous month.
Trade companiesʼ assessment of their selling positions, inventories and prospective orders all deteriorated.
In the service sector, there was a slight improvement in overall sentiment, while expectations for turnover improved substantially.
The standalone consumer confidence index edged up from -16.4 points to -16.1 points. Fear of unemployment grew slightly, while inflation expectations increased. Householdsʼ assessment of their own financial position improved, as did that of their ability to make savings.
GKI compiles the index with the support of European Union funding.
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