Economic research institute GKI’s combined gauge of consumer and business confidence rose to -18.2 points in July from -20.5 points in the previous month as consumer confidence improved but businesses became only slightly more optimistic.

GKI’s measure of confidence in the business sector rose to -15.2 points in July from -16.2 points in June. Confidence in the industrial sector was almost unchanged from a month earlier. While assessments of order stocks improved, views on the production outlook worsened. Construction sector expectations also remained unchanged. Views on output in the previous three-month period and order stocks both deteriorated slightly. Confidence in the commerce sector improved only minimally. While assessments of sales positions and inventories improved, those of prospective orders deteriorated.

Service sector companies were more positive both in their views on business in the previous period and turnover expectations for the coming months.

GKI’s consumer confidence index rose to -26.9 points in July from -32.8 points in June. Consumers’ unemployment fears continued to lessen but the picture is still far worse than before the pandemic. Households assessed both their own financial position and their future ability to make savings as moderately improving.


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