• The rise in the business barometer in May is pale in comparison with the dizzying fall in April. So, it is still extremely low.
• The recovery is only visible in business services.

• After collapsing in April, consumer confidence has recovered a little in May. It nevertheless remains at an extremely low level.
• Expectations regarding the macroeconomic situation have improved, thanks to the implementation of the gradual deconfinement measures.
• Because of the COVID-19 crisis, almost one in every two self-employed people have incurred a loss of income of more than 30 %.

With non-food shops reopening on 11 May, turnover in the retail trade sector has bounced back strongly, but it is still well below pre-crisis levels. On the other hand, turnover has continued to fall in other sectors, like information and communication services and some other business-related services. The average drop in turnover for all companies surveyed has not come down any more over the last week and turnover is still around 30 % below pre-crisis levels. That is mainly due to still very weak demand. These are the main findings from the ERMG (Economic Risk Management Group) survey carried out last week after the start of the latest phase of deconfinement began.