Romania's CFA Macroeconomic Confidence Indicator picks up after rating affirmation

The CFA Romania Association's Macroeconomic Confidence Indicator increased by 2.3 points in August, to a still very modest level of 37.2 points, with both components (current conditions and expectations) in the recessionary side of the 0-100 point scale. The indicator bottomed out in July after the newly formed government pushed the first package of budgetary measures and further advanced in August as Fitch and Moody's affirmed the country's fragile rating.

The two components had different developments, however. Thus, the expectations component increased by 0.5 points, to 34.2, while the current conditions component increased by 5.8 points, to 43.4.