The overall confidence indicator (economic sentiment indicator) rose by 1.2 points to 98.0 in November compared to October. The business confidence indicator increased by 1.3 points to 97.3, and the consumer confidence indicator rose by 0.9 points to 101.6.
Business confidence in the economy recorded significant increases in selected service sectors (+5.9 points), trade (+4.6 points), and construction (+4.2 points). In industry, however, business confidence fell by 3.9 points compared to the previous month.
‘The business climate in the services sector is above the long-term average for the first time since July 2022. This is primarily due to a significant increase in demand in the financial sector. Sentiment is also gradually improving in the construction industry. After a sharp decline in October, it is now at its highest level in four months,’ explained Jiří Obst, Head of the Economic Surveys Department at the Czech Statistical Office (ČSÚ).
Consumer confidence also continued to rise in November. The confidence indicator rose by 0.9 points to 101.6, while the proportion of consumers who expect the overall economic situation or their financial situation to deteriorate over the next twelve months remained virtually unchanged. For the fifth month in a row, the proportion of households that consider their current financial situation to be worse than in the past twelve months also remained stable. At the same time, the proportion of consumers who rate the current situation as unfavorable for major purchases fell.
‘The results of the November survey show a further improvement in consumer sentiment. Consumer confidence is now rising for the third month in a row and is already above the long-term average for the second month. However, this improvement is only gradual. Many respondents remain cautious, especially in view of increasing fears of further price increases,’ explained Veronika Ptáčková from the Economic Survey Department of the Statistical Office.
