Hungary: Economic sentiment falls for sixth month in a row
October 23, 2011
In October, the GKI-Erste economic sentiment index declined for the sixth month in a row, falling to minus 24.0 points from minus 20.9 points in September. The drop was the result of both business and consumer confidence falling further into negative territory. Consumer sentiment plunged further from minus 47.2 points in September to minus 49.8 points in October, which represented the lowest level since December 2009. Consumer confidence has been declining almost uninterruptedly since December last year. Business confidence also declined in October, falling 1.2 points to minus 12.9 points, which represented its lowest level since February 2010. According to GKI, confidence in the industry, trade and services sectors dropped over the previous month, whereas the construction sector improved somewhat in October.