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Economic sentiment deteriorated in October

AFTER three months of relative stagnation, the economic sentiment indicator (ESI) deteriorated in October. Compared to the previous month, its three-month moving average fell by 1.3 points to 101.8 points. The favourable development of confidence in the trade sector and among consumers was eliminated by unfavourable development in the industrial and service sectors. Compared to last year, however, the ESI was 8.7 points higher. The indicator still lags behind its long-term average by 2.7 points, the Statistics Office (ŠÚ) informed on October 29.

AFTER three months of relative stagnation, the economic sentiment indicator (ESI) deteriorated in October. Compared to the previous month, its three-month moving average fell by 1.3 points to 101.8 points. The favourable development of confidence in the trade sector and among consumers was eliminated by unfavourable development in the industrial and service sectors. Compared to last year, however, the ESI was 8.7 points higher. The indicator still lags behind its long-term average by 2.7 points, the Statistics Office (ŠÚ) informed on October 29.

The confidence indicator in industry decreased by 1 point month-on-month in October to 4 points, which is however 2 points above its long-term average. The indicator was affected by an expected slight decrease of production over the next three months and a drop in orders.

The confidence indicator in construction did not change in October compared to the previous month and stayed at -19.5 points. The more favourable evaluations of amount of orders were negated by adverse expectations in employment development. The indicator currently stands 8.5 points above the long-term average, according to ŠÚ.

The confidence indicator in trade increased in October by 1 percentage point m/m to 12 points, mostly due to positive evaluations of current business activities.

The confidence indicator in services decreased by 2.3 percentage points m/m to 11 points. The main reason was a negative evaluation of expected demand, while the business situation and current demand were evaluated by respondents in a similar way as in September, ŠÚ informed.

Consumer confidence increased in Slovakia in October by 1.4 points m/m to -14.5 points. The growth was positively affected by all of the components of the indicator. While evaluations of the expected financial situation in households improved the most significantly, evaluations of the expected unemployment development and economic situation in Slovakia improved to a lesser extent. The evaluations of the saving perspective of households affected the indicator the least. In annual terms, the composite indicator increased by 7.3 points and it even exceeded the long-term average in October.

Source: ŠÚ website

Compiled by Radka Minarechová from press reports

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