Confidence in Slovak economy grew in June after drop in May

Confidence in the Slovak economy grew in June 2010, with the Index of Economic Sentiment (IES) rising by 0.6 percentage points month-on-month and by 23.5 percentage points year-on-year to 91.1 points. However, the index is still 7.3 points below its long-term average, the Statistics Office (ŠÚ) reported on June 29, as quoted by the TASR newswire.

Confidence in the Slovak economy grew in June 2010, with the Index of Economic Sentiment (IES) rising by 0.6 percentage points month-on-month and by 23.5 percentage points year-on-year to 91.1 points. However, the index is still 7.3 points below its long-term average, the Statistics Office (ŠÚ) reported on June 29, as quoted by the TASR newswire.

According to the ŠÚ, the rise was mainly the result of expectations concerning unemployment, savings and the financial situation for households. These three elements had an effect on the consumer trust indicator, which grew by 3.2 percentage points in June to minus 17.4 points. The indicator of confidence in industry grew in June, after two months of decline, by 4.6 percentage points to 3.3 points, thereby slightly exceeding the long-term average. This development was influenced especially by expected growth in industrial production and growing demand for industrial products.

Meanwhile, the construction indicator saw a rise of 3 percentage points month-on- month to minus 37.5 points, still 14.5 points below its long-time average. This was caused by increasing demand. The indicator of trust in retail improved by 0.3 percentage points. Its current level (minus 6.0) was influenced by more optimistic evaluations of the current and expected business situation. The services indicator grew as well, after two months of falls, by 10.7 percentage points to 23 points.

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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