Overall Czech confidence in the economic outlook continued to fall in May after already slipping in April.
The composite index of business and consumer confidence drawn up by the Czech Statistical Office (ČSÚ) fell by 1.6 points over the month with overall optimism about the economic outlook slipping in both the business and consumer sectors, the office announced on Thursday.
In business, only companies in the trade sector registered greater confidence in the economic outlook with greater gloom gripping the already hard hit construction, services, and industry sectors. Consumer confidence was also down.
Manufacturers, one of the main driving forces of the Czech economy, perceived a fall off in domestic and foreign demand and predict lower overall production and more layoffs over the next three months. The service sector saw decreased demand continuing over the next six months.
The Czech confidence indicators have been on a general slide since the end of 2010.