30 September 2026
Consumer and Business Confidence – September 2026
In September 2026, both consumer confidence and the composite indicator of business confidence decreased (from 94,5 to 91,2 and from 97,0 to 95,9, respectively).
Regarding businesses, an improvement in confidence was noted only in manufacturing (the index rose from 90,2 to 91,9). However, in services and construction, the index declined: in market services, the index fell from 99,4 to 96,9, and in retail trade, from 106,5 to 104,5. In construction, the indicator fell from 102,8 to 97,5.
Regarding the components of the confidence indices, in manufacturing, an improvement in assessments of orders is expected, while assessments of finished goods inventories remain essentially stable. Expectations regarding the level of production are decreasing. In construction, both variables are deteriorating.
Turning to the market services sector, all components are showing negative trends. In trade, sales assessments are improving, while related expectations are worsening, and the balance of assessments regarding the level of inventories is decreasing.
The commentary – Consumer and business confidence
Business confidence has declined after three consecutive months of growth. The decline is due to weakening indices in the services and construction sectors.
Positive signals come from assessments of orders and demand in the manufacturing sector and from those on sales in retail trade.
As for consumers, it should be noted that the cyclical trend in confidence climates and the related balances estimated for September 2026 is partly affected by some changes regarding the organization of the survey network.
Net of the estimated effects attributable to these changes, a moderate reduction in overall and personal confidence, both current and future, is observed in September 2026, while the economic climate records a slightly more marked decrease.
