Economic sentiment slightly down in July

THE MOOD of enterprises continues to deteriorate.

(Source: TASR)

The three-month moving average of the economic sentiment indicator (ESI) dropped by 2 points month-on-month to 99.2 points in July, mostly as a result of decreased confidence in industry, services and among consumers. The ESI is currently 3.2 points lower than in the corresponding period of last year. Moreover, it is still lagging behind the long-term average by 5.1 points, the Statistics Office (ŠÚ) informed.

The confidence indicator in industry decreased by 5.3 points m/m in July to -1 points, thus reaching 3 points below the long-term average. The indicator’s development was affected by the expected decrease in production over the next three months and by a decrease in the number of orders.

On the other hand, the confidence indicator in construction increased by 3 points m/m to -5 points, as a result of more favourable evaluations of the level of orders and expected employment. The indicator is currently exceeding its long-term average by 23 points.

The confidence indicator in trade increased in July by 2.3 percentage points m/m to 17 points, mainly as a result of positive evaluations of current business activities and a slight decrease in the stock of goods.

The confidence indicator in services decreased again in July compared to June, by 3.7 percentage points to 2 points. The indicator development was affected by negative evaluations mostly of the current and also expected demand, while the development of the business situation was evaluated more positively by respondents, according to ŠÚ.

The seasonally adjusted consumer confidence indicator amounted to -18.4 in July, down by 3 points compared to the previous month. It was a result of decreased confidence in all components (saving perspectives of households, views on the expected economic situation in Slovakia, estimated development of unemployment and the expected financial situation of households). In annual terms, the indicator was 4.8 points lower. On the other hand, it exceeded the long-term average.

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