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Sentiment in Slovak economy sinks to 16-month low

Sentiment in the Slovak economy deteriorated further in September, continuing a decline that began in July. As the Statistics Office (ŠÚ) reported on Wednesday, September 28, the overall economic sentiment indicator (ESI) dropped 1.3 points from August to 90.5 points in September. It is at its lowest level in the last 16 months, the SITA newswire reported, citing the ŠÚ.

Sentiment in the Slovak economy deteriorated further in September, continuing a decline that began in July. As the Statistics Office (ŠÚ) reported on Wednesday, September 28, the overall economic sentiment indicator (ESI) dropped 1.3 points from August to 90.5 points in September. It is at its lowest level in the last 16 months, the SITA newswire reported, citing the ŠÚ.

The deterioration is attributable to a less favourable evaluation by entrepreneurs in industry and services, as well as by consumers. Respondents were 2.2 points more pessimistic than a year ago. The current figure is 7.4 points behind the long-term average.

The confidence indicator in industry fell by 2.3 percentage points in September to zero, which is three points below the long-term average. It was affected by an expected drop in production in the next three months.

The confidence indicator in the construction sector rose 1 point from August to minus 46 points due to greater optimism regarding employment. It was 22 points below the long-term average in September.

The confidence indicator for business rose in September by 1.7 points. It was positively affected by evaluations of the current business situation and inventory levels.

The indicator in services dwindled 3.7 percentage points from the previous month to 13 points, 20 points below its long-term average.

Consumer confidence in September also worsened. Compared with the previous month the consumer confidence indicator fell 2.2 points to minus 24.9 points, in connection with higher concerns regarding the expected worsening of the economic situation over the next twelve months, along with growth in unemployment. Consumers were 2.4 points more pessimistic than in the same period a year ago, while their sentiment was close to the long-term average.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
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