Economic confidence grew in March

Confidence in the Slovak economy improved for the tenth month in a row in March, with the Index of Economic Sentiment (IES) increasing by 1.9 points during the month to 89 points. This represents a year-on-year increase of 15.9 points, but is still 11.3 points lower than the long-term average, the Statistic Office reported on Monday, March 29.

Confidence in the Slovak economy improved for the tenth month in a row in March, with the Index of Economic Sentiment (IES) increasing by 1.9 points during the month to 89 points. This represents a year-on-year increase of 15.9 points, but is still 11.3 points lower than the long-term average, the Statistic Office reported on Monday, March 29.

According to the data, consumer confidence in terms of future economic developments, employment and the overall financial situation for households grew by 2.2 points to -17.8 this month, which is 28.4 points lower than a year ago, the TASR newswire wrote. Optimism was expressed by industry, with that sector’s indicator improving by 9.3 points month-on-month to 4, above the long-term average for the first time in 23 months. This positive development was influenced in particular by forecast growth in industrial production over the next three months and growing demand for industrial products.

Conversely, the indicator of confidence in the construction industry dropped by 0.5 points to -42.5 in March, with lower demand for products and rising employment predicted. The indicator is currently 20.5 points below the long-term average. Retailers’ views of the expected economic situation over the next three months remained largely unchanged in March, with a monthly improvement of only 0.3 points to reach -9.7.

Source: 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.

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