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Confidence in economy dropped in March after four-month rise

In a reversal of the trend observed in the preceding four months, the Index of Economic Sentiment (IES) dropped by 1.9 points in monthly terms in March to 95.3, Slovakia's Statistics Office announced on Tuesday, March 29, as quoted by the TASR newswire. The development was primarily due to dwindling confidence in manufacturing, in the construction industry and on the part of consumers.

In a reversal of the trend observed in the preceding four months, the Index of Economic Sentiment (IES) dropped by 1.9 points in monthly terms in March to 95.3, Slovakia's Statistics Office announced on Tuesday, March 29, as quoted by the TASR newswire. The development was primarily due to dwindling confidence in manufacturing, in the construction industry and on the part of consumers.

The IES was up 6.4 points year-on-year, but remained 2.6 points below the long-term average. It is in construction and services in particular that the indicator falls short of its long-term figures, said VÚB bank analyst Andrej Arady. The indicator of confidence in construction fell by 2.5 points in monthly terms to minus 46, largely due to an expected fall in employment. Confidence in the manufacturing industry dropped for the second successive month, by 4 points to 3.7. Conversely, after a considerable fall in confidence in retail in February, the indicator in this sphere rose to 15.7 points. Confidence in services also went up, by 1 point to reach 26. Consumer trust fell by 6.1 points month-on-month to minus 32.2.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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