Consumer sentiment up at the monthly level
In May 2020 the consumer confidence indicator was 5 percentage points (p.p.) higher than in the previous month. Consumer opinion improved after a considerable drop in April, but was still 25 p.p. lower than the long-term average.
Among the components of the confidence indicator, three of them improved at the monthly level: expectations about the country’s economy by 9 p.p., expectations about households’ finances by 8 p.p., and savings expectations by 6 p.p. Unemployment expectations deteriorated by 2 p.p.A sharp decline in consumer opinion at the annual level
At the annual level, i.e. compared to May 2019, the consumer confidence indicator was lower by 36 percentage points in May 2020. It was 35 percentage points lower than last year's average.
All four components of the consumer sentiment indicator deteriorated at the annual level: unemployment expectations by 62 p.p., expectations about the country’s economy by 52 p.p., expectations about households’ finances by 26 p.p., and savings expectations by 5 p.p.