Hungary's GKI economic confidence index rebounds in November 2011.

By bne IntelliNews November 29, 2011
Hungarys combined monthly index of business and consumer confidence rebounded for the first time in November 2011 after months of steep deterioration, economic research company GKI reported. The index is prepared by the Hungarian think-tank and Erste Bank. In November the indicator improved by 0.8pps to minus 23.2 compared to minus 24 a month ago and minus 5.1 in February. The consumer confidence index remained almost unchanged at -49.5 in November. The appraisal of households regarding their personal financial situations in the coming 12 months worsened, but the expectations regarding their savings capability were unaltered and the prospects of purchasing high-value durables improved compared to October. Business expectations' led the positive overall tendency in the month, being up by almost 1pps to -14.0. The change came due to upbeat sentiment of the firms in the service sector. In the industry, the decrease in production and orders was not offset by slightly better expectations for inventory dynamics. For the construction firms, production has been below expectations recently, while the projections for new orders were flat on the month. The retail confidence index edged up in November as orders expectations were better. The slight improvement, however, was not enough to balance the substantial drop a month ago, taking in mind that the sales positions deteriorated again and the stock of orders plummeted. In terms of expectations about the Hungarian economy as a whole, consumers and firms in the construction and trade sectors remained on the negative side, while industry and services companies are more optimistic.

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