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BUSINESS IN SHORT

Confidence in economy drops

SLOVAKIA’S Index of Economic Sentiment (IES) fell by 1.6 points month-on-month to 86.1 points in October, the lowest recorded figure since February 2010, the Statistics Office (ŠÚ) announced on October 29. The fall was due to drops 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.

SLOVAKIA’S Index of Economic Sentiment (IES) fell by 1.6 points month-on-month to 86.1 points in October, the lowest recorded figure since February 2010, the Statistics Office (ŠÚ) announced on October 29. The fall was due to drops 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 level since July 2011, and 13.3 points below its long-term average. This was due to an expected fall in production over the next three months, the TASR newswire reported. Confidence in the construction industry continued to shrink, falling by 9 points month-on-month to its lowest value in more than 12 years: minus 54.5 points. Weakened demand and deteriorating future prospects in employment were reported to be behind this.

Trust in retail was the only indicator to see growth in October, by 1.3 points compared to last month. Confidence in the services sector decreased by 4.3 points on a monthly basis to 10.7 points, mainly influenced by negative evaluations of forecast demand and the business environment. Consumer confidence in Slovakia also continued to contract, falling by 6.4 points month-on-month to minus 38 points in October, and by 7.9 points year-on-year.

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