Overall confidence in Czech economy increases but consumers more worried

Confidence in the Czech economy increased again in August for the second month in a row, up two points from July's 91.4 to 93.4, according to the latest data published by the Czech Statistics Office on Thursday. However, in a year-on-year comparison, overall confidence is lower, as last August it was at 94.3.

Confidence among entrepreneurs increased from July by 2.8 points to 93.9. Entrepreneurs working in industry, services and construction were more optimistic than those working in trade, which was the only sector from those surveyed to see a decrease in confidence.

Consumer confidence fell by 1.7 points to 91, with increases in the number of people who believe that the current time is not suitable for making large purchases, in those who expect the overall economic situation in Czechia to worsen in the next 12 months, and in households who fear a worsening of their own financial situation. Although consumer confidence is significantly higher than it was this time last year - last August, it was at 77.9 - it is still far below its long-term average.