The CCI is getting back on track. The highly anticipated decline observed last month has been reversed. The Consumer Confidence Index has increased from -32.5 in October to -31 in November (by 1.5 index points).

The global economy continues to recover in Q3 2021 following the deep economic crisis caused by the COVID-19 pandemic. The growth accelerated as a result of the easing of virus- containment restrictions in most countries. According to the IMF forecast (October 2021), global GDP will grow 5.9% year over year (y/y), which is a downward adjustment from the previous estimate of 6% (July 2021).

The CCI is falling again. After the increase of consumer confidence in September, it dropped to a level similar to June, before the trend had reversed over the remaining summer months. The CCI decreased from -29.5 in September to -32.5 in October, with both the Present Situation Index and the Expectations Index moving downwards.

The CCI is catching up. After decreasing consumer confidence during the summer, the CCI rose by 4.7 index points in September (from -34.2 in August to -29.5 in September). Both the Present Situation Index and the Expectations Index moved upwards in tandem. The Present Situation Index increased by 3 index points, and the Expectations Index by 6.3.

Consumer confidence decreases over the summer. After the upward trend observed starting in April, consumer confidence fell in July and August to almost equal levels, with a slight increase in August. In July, the overall index decreased by 2.3 points, from -32.1 in June to -34.4 in July. In August, it slightly increased to -34.2.