Confidence in the Czech economy increased in September, consumers and companies were more optimistic

Prague – Confidence in the Czech economy increased in September after a two-month decline. Compared to August, it increased by 3.3 points to 97 points. Both consumers and companies were more optimistic. In addition, business confidence increased in all sectors, which was the last time this happened in April 2023. This follows from datawhich was published today by the Czech Statistical Office (ČSÚ). In a year-on-year comparison, confidence is higher, last September it was below 90 points.

The aggregate confidence indicator has fluctuated so far this year. It fell in January, February, May, July and August. He went up in March, April, June and September.

Business confidence increased by 3.8 points to 96.8 points in September. It was the most in the services sector, by 5.1 points to 98.1 points. In construction, confidence grew by three points to 108.5 points, in industry by 2.9 points to 94.4 points and in trade by 1.3 points to 96 points.

In the case of consumers, confidence increased by 0.6 points to 97.9 points. “After a four-month decline, there was a slight increase in consumer confidence in September. Given that most of the monitored indicators did not change month-on-month, one can speak of a slight correction of the declines from previous months rather than of growth. Thus, the overall consumer sentiment in September remains below its long-term average,” said Anastasija Nejasova from the Department of Economic Surveys of the CZSO.

The proportion of people who expect the overall economic situation in the Czech Republic to worsen and their financial situation to improve in the next twelve months has hardly changed. Also, the number of households that assess their current financial situation worse than it was in the previous twelve months remained the same compared to August. “The share of consumers who believe that the current time is not suitable for making large purchases has decreased for the second time in a row,” added the CZSO.

Comparison of confidence indicators in the economy of the Czech Republic:

Source: CZSO

CR economy opinion September CZSO TABLE