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Economic confidence down in August

The economic confidence indicator in Slovakia went down 1.1 percent month-on-month in August 2007 to 108.5 points, the Statistics Office of Slovakia announced on August 28.

The drop is due to a decline in the confidence indicator in industry, services and with consumers.

The economic confidence indicator was 1.1 percentage points higher in a year-on-year comparison and exceeded the long-term average by 8.1 percentage points, the statistics office reported.

In August, the confidence indicator in industry dropped 9.3 percentage points to seven points in a month-on-month comparison, which is the lowest level over the last 11 months. Its drop was influenced mainly by technological shutdowns and factory holidays. Lower expectations of production growth for the upcoming three months and a drop in the demands for industrial products also played a role.

Consumer confidence worsened in August due to growing pessimism in the households' financial situations, the expected economic situation in the state and the anticipated growth of the unemployment rate in Slovakia.

-SITA

Compiled by Zuzana Vilikovská from press reports
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