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Economic sentiment, business confidence falls, consumer confidence improves

2023-11-02 13:33:33Biznes SHKRUAR NGA REDAKSIA VOX

Economic sentiment, business confidence falls, consumer confidence improves

The economic sentiment indicator reached 110.9 in October, staying at the same value as in September and 10.9 points above the long-term average. During this month, the consumer confidence indicator improved, while the confidence indicators of all business activities decreased. The sector that recorded the biggest drop in confidence was that of industry.

The industry confidence indicator fell by 3.7 percentage points in October, influenced by pessimistic estimates for current production and for ordering contracts. However, the level of the indicator remains 6.6 percentage points above the historical average. Business expectations for prices in this sector are decreasing, while those for production and employment are increasing.

The confidence indicator in construction fell by 1.9 percentage points in October. This indicator is about 15 percentage points above the long-term average. The decline this month was driven by both less optimistic estimates of current construction activity and the level of current orders. Expectations for employment are rising and those for future prices are falling.

The confidence indicator in services fell by 1 percentage point in October. However, the level of this indicator remains in the range of high historical values, about 17.5 percentage points above the long-term average. Both constituent components of the indicator, the actual progress of activity and actual demand, have registered slight declines. Business expectations for future prices are falling.

The trade confidence indicator shrank by 2.2 percentage points in October, largely driven by estimates of weaker current business performance. In contrast, trading activity businesses expect an increase in orders and business performance in the near future. The current level is about 9.8 percentage points above the historical average. Expectations for future prices have been assessed downward.

The consumer confidence indicator increased by 2.8 percentage points in October. The relatively significant increase in the value of the indicator made its level rise by 2.2 percentage points above the historical average. The consumer confidence indicator was determined by more optimistic expectations about the financial situation and purchases in large current and future amounts. Expectations for the general level of prices and for the level of unemployment in the future have been revised downwards.


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