To a lesser extent than in December, the GKI economic sentiment index continued to decline in January, reaching its lowest level for more than three years. The current contraction is the result of worsening consumer expectations, as the decrease in business expectations was only minimal after its major fall in December. The GKI economic sentiment index and business confidence index have been on a downward trend for one and a half years, with the consumer confidence index fluctuating and stagnating; however, the latter also reached its one and a half year low in January.
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