Slovakia's Index of Economic Sentiment (IES) continued to fall in December, recording a month-on-month drop of 6.2 points to 82.2, the Statistics Office announced on December 29.
Driven by negative developments in almost all confidence indicators, the IES reached its lowest level since March 1997, with a year-on-year loss of 18.9 points, down almost 18.8 points vis-á-vis the long-term average. The industrial-confidence indicator fell by 5.6 points month-on-month to minus 21.3 points. This development was due to an expected fall in industrial production over the next three months and to lower demand.
The construction-confidence indicator in December was down by 0.5 points month-on-month to minus 10.5, which is still 11.5 points higher than the long-term average, however.
"The retail-confidence indicator continues to fall steeply. Its current level of 3.7 points is a result of negative developments in all three of its components: a negative evaluation of the current and expected economic situation and high stock levels," reads the Statistics Office's report. The services indicator fell by 5.3 points to minus 0.3 points as a result of negative assessments in all input indicators.
Consumers were more optimistic in December than in November, however, with increases in three components - prospects for household savings, the expected financial situation in households, and Slovakia's estimated economic development. This led to a 1-point improvement month-on-month to minus 30 points. The indicator fell by 24.4 points year-on-year, however. TASR
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
30. Dec 2008 at 15:30