Economic Tendency Survey May 2020

Economic tendency indicator still at record-low levels

The Economic Tendency Indicator climbed 4.1 points to 64.1 in May. After record falls in April, most of the sector indicators picked up slightly in May, due principally to less pessimistic expectations, but they remain at record-low levels.

The confidence indicator for the manufacturing industry gained 5.4 points in May to 76.8, thanks mainly to somewhat less pessimistic production plans for the next three months.

The indicator for the building and civil engineering industry fell further in May, largely as a result of how firms view their order books.

The confidence indicator for the retail trade rose 3.0 points in May but is still at very low levels. The improvement was due to fewer firms expecting sales volumes to fall over the next three months.

The confidence indicator for the service sector climbed 2.6 points to 52.6 but remains at record-low levels. The increase was a result of less pessimistic expectations for demand in the coming months.

The consumer confidence indicator rose 3.1 points to 77.3, which is again very low. The increase was chiefly a consequence of consumers being more optimistic about their personal finances over the coming year, but also to them being less negative about whether now is a good time to make major purchases.