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IES: Confidence in industry lowest since February 2006

The Index of Economic Sentiment (IES), which indicates levels of confidence in various sectors of the economy, fell by 0.5 points month-on-month in January 2008 to 100.6 points, the Statistics Office reported on January 29.

The Index of Economic Sentiment (IES), which indicates levels of confidence in various sectors of the economy, fell by 0.5 points month-on-month in January 2008 to 100.6 points, the Statistics Office reported on January 29.

This fall was influenced by negative developments in the indicators for industry and construction. Based on year-on-year, the IES fell by 7.4 points. Against the long-term average it was down by 0.4 points. The indicator for industry continued to fall for the third month in a row, dropping 2.4 points to 1.3, its lowest value since February 2006. This was mainly influenced by lower expectations for the development of production over the next three months and a fall in demand for industrial goods.

The construction index fell by 8 points (month-on-month) to -11.5 points, which was still 10.5 points higher than the long-term average. It was mainly influenced by falling demand and an expected reduction in the number of employees working in the sector.

The consumer atmosphere in Slovakia improved during the first month of this year, however, with people more optimistic about their savings, the economy and unemployment. This caused the indicator of consumer confidence to grow by 3.2 points on the month to -2.4. At the same time, the indicator fell by 9.2 points y-o-y.

The retail indicator rose to 5 points in January thanks to positive evaluations of the current and expected business environments. The confidence indicator for services grew by 6 points to 31 points, remaining 13 points below the long-term average, however. TASR

Compiled by Zuzana Vilikovská from press reports

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