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Confidence in economy continues to fall, with the exception of industry

Slovakia’s Index of Economic Sentiment (IES) fell in August by 2.4 points month-on-month to 91.8 points due to unfavourable assessments from almost all categories apart from industry, the Statistics Office (ŠÚ) said on Tuesday, August 30.

Slovakia’s Index of Economic Sentiment (IES) fell in August by 2.4 points month-on-month to 91.8 points due to unfavourable assessments from almost all categories apart from industry, the Statistics Office (ŠÚ) said on Tuesday, August 30.

"The opinions of the respondents were 1.8 points more pessimistic than in the same period last year. The current figure is 6.1 points below the long-term average," the ŠÚ stated, as quoted by the TASR newswire. The indicator of consumer confidence fell by 0.8 points month-on-month to 22.7, in particular due to concerns about growing unemployment. Consumers were 0.9 percent more pessimistic when compared with the same period of 2010, but 1.3 points more optimistic than the long-term average.

The indicator of confidence in industry rose by 9.6 points in August to 2.3, almost equalling the long-term average. This development was caused by higher production forecast for the next three months as well as an expected reduction in stocks of industrial products. Confidence in construction continued to drop, however, falling by 1.5 points month-on-month to minus 47 points due to growing pessimism about employment. The figure is 23 points lower than the long-term average.

A 3-point month-on-month drop was seen in confidence in trade. This was caused in particular by pessimistic prognoses concerning future business conditions. In services, the indicator fell by 8.6 points month-on-month to 16.7, 16.3 points below the long-term average, with low demand playing a significant role.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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