Big drop in GKI’s consumer confidence index in November

GKI’s economic sentiment index went down a little in November. In the business world every sector became a bit more optimistic, especially retail trade: the index went above the pre-pandemic level for the first time. The willingness to employ turned weaker in every sector, bar retail. Every sector wants to increase prices and this intention is the weakest in retail, but almost 60 percent of the companies want to do it here as well. Consumers expect a higher inflation rate than before.

As for the perspectives of the Hungarian economy, consumers became significantly more

pessimistic. Hungarians feel that their own financial situation – about which they said that it was similar to the pre-pandemic status in October – took a turn for the worse in November. After a 6-month improvement they also became more pessimistic about their ability to save money. //

The above article has also been published in Issue 2021/12-01 of Trade magazin.