After improving by 8 points in April, the GKI economic sentiment index fell by 5 points in May. This is a very significant fluctuation, but the May figure is about the same as a year earlier. According to the empirical survey conducted by GKI Economic Research Co. (www.gki.hu) with the support of the EU, business expectations fell by around 5.5 points in May and consumer expectations by 9.5 points. This is a return to the otherwise upbeat view of recent months, after the over-optimism of April. An exception is the assessment of the future of the national economy, which was worse in the last ten years only at the beginning of the Covid pandemic and during the austerity of the Széll Kálmán plan.