Austria: Consumer sentiment stabilizes in May
May 30, 2013
In May, the Fessel-GfK consumer confidence indicator remained stable at the minus 6 points registered in April. As a result, the index remains below the 0-point threshold, which indicates that pessimists outnumber optimists.
The subdued reading showed that consumers' assessment about the current economic situation and future economic prospects for the next 12 months improved over the previous months. However, while households were more optimistic about their current financial situation, consumers showed more pessimism regarding their future financial prospects for the next 12 months. Meanwhile, respondents' assessment regarding an increase in unemployment in the next 12 months remained virtually unchanged over the previous month. In contrast, consumers' willingness to buy big-ticket items in the next 12 months improved.
FocusEconomics panellists expect private consumption to expand 0.7% this year, which is unchanged from last month's forecast. For 2014, panellists see private consumption rising 1.1%.
Author: Ricardo Aceves, Senior Economist