Consumer confidence dips to 5-year low, survey finds

The Consumer Confidence Index compiled by the Foundation for Economic & Industrial Research (IOBE) reached a five-year low in July, with the index reaching -55.3 points, from -52.5 points in June.

A year ago, the index was -31.4.

Among respondents, 74% consider their financial situation has worsened over the past 12 months, 68% said their finances will further deteriorate during the next year, and 78% say the economy will also take a turn for the worse during the same period.

The survey shows that the income support measures taken by the government, especially to alleviate rising energy costs, have not succeeded in dispelling uncertainty about the immediate future.

A similar survey among businesses showed expectations rising slightly in retail commerce and services, but taking a downturn in construction and manufacturing.