Cautious Improvement in Economic Assessments

The index of current assessments of the overall economy rose by 2.7 points in May but remained below zero at –4.0 points. In the manufacturing sector, which is particularly important for the economy, the situation index rose (+4.6 points) but remained well below zero at –14.0 points, which separates positive from negative assessments of the situation. In the construction industry, the situation index gained 0.8 points but remained just in the sceptical range at –2.1 points. In the service sectors, the situation index rose by 2.0 points to 0.7 points, just in the positive range. The situation index also rose in the retail trade (+4.2 points) and returned to positive territory at 3.7 points.

The index of business expectations for the economy as a whole rose slightly in May (+1.0 points) but remained below the zero line separating negative from positive economic expectations at –5.8 points. In the retail sector, the expectations index rose (+5.9 points), but remained in the sceptical range at –11.8 points. In the service sectors, the expectations index lost 3.1 points and was back below the zero line at –5.1 points. The construction industry showed an improvement (+4.2 points). The expectations index rose to 2.2 points, returning to just above the zero line for the first time since December 2024. In the manufacturing sector, the expectations index also rose in May (+4.4 points) but remained in the sceptical range at –7.0 points. This is the highest value achieved since May 2023.