In February, both business and consumer expectations improved, but continued to reflect a poor mood. According to the empirical survey conducted by GKI Economic Research Co. with the support of the EU, consumers were still more pessimistic than they were in 2020, during the panic that started when the Covid pandemic broke out. In comparison, busi-ness sector expectations were more favourable, broadly in line with the end of 2020. Ser-vice companies were now the least pessimistic, while industrial companies were the least pessimistic in January. The perception of the employment situation changed little, but companies’ efforts to raise prices and consumers’ inflationary expectations declined markedly.