Reaching -6.6pp in July, the index was also 6.7pp lower than the years-long average, the Statistics Office said.

Compared to July, the index was pushed up by confidence in the services industry (by 5.4pp) and the processing sector (by 4.3pp).

Consumer confidence contributed 1.3pp to the increase this month, while retail pushed it up 0.2pp and construction by 0.1pp.

Year-on-year, the index was dragged down by the services industry (by 7.4pp), consumer confidence (by 3.5pp), construction (by 0.7pp), retail (by 0.6pp) and the processing sector (by 0.2pp).

By sector, confidence in the processing industry was 11pp higher than in July and 1pp lower than in August last year.

In retail, confidence grew by 4pp in August over July, but remained 11pp lower than last year, while in construction, confidence grew by 2pp over July and was 13pp lower than last August.

In the services industry, confidence was 18pp higher than in July and 25pp lower than in August 2019.