Improvement in Assessments of the Current Situation Amid Continued Subdued Economic Expectations

The index of current assessments of the overall economy rose by 2.3 points in August to –0.9 points, leaving it just below the zero line that separates positive from negative assessments. In the manufacturing sector, the situation index improved by 2.7 points but, at –5.3 points, remained in the sceptical range. In the construction sector, too, the situation index rose (+1.1 points) and stood at 4.1 points, above the zero line. In the services sector, the situation index rose more significantly (+3.0 points) and, at 1.4 points, entered positive territory for the first time since March 2026. In the retail sector, by contrast, the business climate index deteriorated (–2.0 points), though it still stood at 1.0 points, slightly above the zero line.

The index of business expectations for the economy as a whole also rose in August (+1.3 points), but at –3.0 points it remained below the zero line, which separates negative from positive economic expectations. In the retail sector, the expectations index rose further (+5.1 points), but at –9.2 points it remained in the range of cautious economic expectations. In the services sector, the expectations index rose (+1.5 points), but at –1.7 points it remained just within the sceptical range. In the construction sector, the index rose (+2.3 points) to stand at 9.0 points, although expectations regarding construction activity in the coming months remained subdued. In the manufacturing sector, by contrast, the expectations index fell slightly in August (–0.9 points) and, at –6.9 points, remained in the sceptical range.