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Services confidence indicator in March 2019

Services confidence indicator in March 2019

Last update: 28.03.2019
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 28.03.2019

In March, the confidence indicator in services increased again, following the last month´s decrease, its value (7) was higher by 8,3 percentage points compared with February. The indicator´s development was affected by positive evaluations of the business situation, as well as the demand over the last three months, while the expected demand was evaluated negatively by respondents.

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 17 points and reached the level 10. An improvement of the business situation is felt by 27 % of respondents (by 11 % more than in February), a deterioration was felt by 21 % of enterprises (similarly as in the previous month) and 52 % enterprises (by 11 % less) reported a stable development. Positive trend was reflected mainly in financial and insurance activities and in arts, entertainment and recreation, negative evaluations prevailed mainly in transportation and storage and in other service activities. Compared with the previous month´s survey, the demand for the services over the past three months (-11) increased by 16 points. Improvement of the demand was assumed in accommodation and food services as well as in financial and insurance activities, a lower demand was recorded, on the contrary, mainly in transportation and storage, in the field of real estates and in other service activities. The expected development of the demand for services over the next three months was evaluated negatively, the seasonally adjusted business balance (22) decreased by 8 points. A lower demand is expected in financial and insurance activities, in professional, scientific and technical activities, as well as in administrative and support service activities, a higher demand is expected mainly in real estate activities and in accommodation and support service activities. 10 % of enterprises increased the number of their employees over the past three months (by 1 p.p. less than in the survey conducted in February), 53 % of enterprises (by 9 p.p. more) reported a decrease and 37 % of enterprises had a stable development (by 8 p.p. less). Compared with the last month, the final seasonally adjusted balance (minus 38) decreased by 1 point, indicating a further slight deterioration of the employment situation. Over the past three months, the number of the employed decreased mainly in transportation and storage, in the field of real estates, there was a higher number of employees mainly in financial and insurance activities. An improvement is assumed in the development of the employment over the next three months, the business balance (5) increased by 9 points, compared with the survey conducted in February. A higher number of employees is planned mainly in transportation and storage, in the field of real estates, in arts, entertainment and recreation, on the contrary, a lower number of employees is planned in accommodation and food service activities, as well as in administrative and support service activities. Compared with the previous period, the business balance of the expected prices of services over the next three months (25) increased by 7 points while 21 % of enterprises (by 1 % more than in the previous survey) consider a price increase, 1 % of enterprises expect a price decrease (by 4 % less than in February). A majority of enterprises (78 %) consider a stable development. 37 % of companies do not feel limiting factors concerning the realization of their business plans. The most significant factors limiting the business plans in services have been insufficient demand (30 %), financial constraints (21 %), shortage of employees (19 %) and other barriers (15 %), within other barriers respondents reported most often: unfavourable business environment for the small and medium-sized enterprises, frequent legislative changes, lack of qualified staff, increase of the minimum wage, high competition, corruption and bureaucracy. Respondents reported they used capacities in services to 95 % in March.


Note: * In March 370 respondents were participated in survey which represents the whole service sector.

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