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Services confidence indicator in July 2020

Services confidence indicator in July 2020

Last update: 29.07.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 29.07.2020

In July, the seasonally adjusted confidence indicator in services increased more considerably, its value (-8) rose by 30 percentage points (p.p.) compared with June, thus approaching the pre-April values again. The indicator´s development was affected by positive evaluations of all its three components.

Compared with the last month´s survey, the business situation over the past three months improved, the business balance (of seasonally adjusted data) increased by 49 points and reached the level -25. An improvement of the business situation is felt by 27 % enterprises (by 25 p.p. more than in the survey conducted in June), a deterioration was reported by 49 % of respondents (by 39 p.p. less) and 24 % of enterprises (by 14 % more) had a stable development. A positive development was indicated almost in all sectors, mostly though in financial and insurance activities and in accommodation and food service activities; a slightly upward trend was reflected only in transportation and storage and in the field of real estates. Compared with the last month´s survey, the demand for the services over the past three months (-18) increased by 29 points. The most considerable increase of the demand was stated in accommodation and food service activities, as well as in financial and insurance activities, however, there was an improvement of the situation also in administrative and support service activities and in arts, entertainment and recreation; on the contrary a stagnant or a slightly lower demand was recorded in transportation and storage, in information and communication and in the field of real estates. The expected development of the demand for services over the next three months was evaluated positively by respondents, the seasonally adjusted business balance (19) increased by 12 points. A higher demand is expected mainly in financial and insurance activities, in arts, entertainment and recreation; deterioration is expected mainly in transportation and storage, in administrative and support service activities and in other service activities. 5 % of enterprises increased the number of their employees over the past three months (by 3 p.p. more than in June), 43 % of enterprises (by 1 p.p. more) reported a decrease and 52 % of enterprises had a stable development (by 4 p.p. less). The final seasonally adjusted balance (-34) increased by 7 p.p. compared with the previous month, indicating a further improvement of the employment situation. The number of employees increased mainly in accommodation and food service activities; on the contrary, a lower number of employees were registered mainly in financial and insurance activities and in the field of real estates. In the development of the employment over the next three months, a slight deterioration is assumed, the business balance (-25) decreased by 3 points, compared with the previous month. A lower number of employees is assumed in administrative and support services, in accommodation and food service activities, as well as in other service activities. Compared with the previous period, the business balance of the expected prices of services over the next three months (10) increased by 2 points while an increase of prices is considered by 3 % of enterprises (by 7 % less than in June), 4 % of enterprises (by 1 p.p. less) expect a decrease and 93 % of enterprises (by 8 p.p. more) assume a stable development. 18 % of enterprises do not feel any limiting factors concerning the realization of their business plans. The most significant factors limiting the business plans in services have been insufficient demand (56 %), financial constraints (30 %) and other barriers (30 %), within other barriers respondents reported most often: unfavourable business environment for the small and medium-sized enterprises, frequent legislative changes but mainly the unfavourable situation caused by the coronavirus pandemic. Respondents reported they used capacities in services to 92 % in July.


Note: * In July 399 respondents were participated in survey which represents the whole service sector. The values of the confidence indicator in services and the balances range from -100 (responses of all respondents are pessimistic) to 100 (responses of all respondents are optimistic). Confidence indicator and balances on republic level are seasonally adjusted.

 

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