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Confidence in Slovak economy lowest since February 2010

The Index of Economic Sentiment (IES) fell by 1.6 points on a monthly basis to 86.1 points in October, the lowest recorded figure since February 2010, the Statistics Office (ŠÚ) announced on Monday, October 29. The developments were a result of a drop in confidence in all monitored sectors apart from retail. The index was 3.4 points lower year-on-year and 11.5 points below the long-term average.

The Index of Economic Sentiment (IES) fell by 1.6 points on a monthly basis to 86.1 points in October, the lowest recorded figure since February 2010, the Statistics Office (ŠÚ) announced on Monday, October 29. The developments were a result of a drop in confidence in all monitored sectors apart from retail. The index was 3.4 points lower year-on-year and 11.5 points below the long-term average.

The indicator of confidence in industry went down by 7 points month-on-month to minus 7.3 points, the lowest since July 2011, and 13.3 points below the long-term average. This was due to an expected fall in production over the next three months, the TASR newswire quoted the ŠÚ. Confidence in the construction industry continued to shrink, falling by 9 points month-on-month to its lowest value in 12.5 years - minus 54.5 points. Weakened demand and deteriorating future prospects in employment were behind this.

Trust in retail was the only indicator to see growth in October - by 1.3 points compared to last month. This was caused by positive expectations concerning the business environment over the next few months. Confidence in the services sector decreased by 4.3 points on a monthly basis to 10.7 points, mainly influenced by negative evaluations of expected demand and the business environment. Consumer confidence in Slovakia also continues to contract, falling by 6.4 points month-on-month to minus 38 points in October. It also fell by 7.9 points year-on-year.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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