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Services confidence indicator in March 2020

Services confidence indicator in March 2020

Last update: 06.04.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 30.03.2020


In March, the confidence indicator in services decreased again, its value (-1) was lower by 1 percentage point (p.p.), compared with February. The indicator´s development was affected mainly by the negative evaluations of the expected demand while the business situation and the demand over the past three months were evaluated positively. 

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 7 points and reached the level 0. An improvement of the business situation is felt by 17 % of respondents (by 8 p.p. less than in the survey conducted in February), a deterioration was indicated by 18 % of enterprises (by 14 p.p. less) and 65 % of enterprises (by 22 % more) had a stable development. An upward trend was reflected mainly in financial and insurance activities and other service activities, slightlier also in the field of real estates, a deterioration was recorded mainly in information and communication, in transportation and storage and in administrative and support service activities as well. Compared with the last month´s survey, the demand for the services over the past three months (10) increased by 8 points. An increase of the demand was felt mainly in financial and insurance activities, in the field of real estates and other service activities, on the contrary, a lower demand was in transportation and storage and in professional, scientific and technical activities. The expected development of the demand for services over the next three months was evaluated negatively by respondents, the seasonally adjusted business balance (-13) decreased by 18 points. A lower demand is expected almost in all groups, though, the greatest concerns were expressed in accommodation and food service activities, except information and communication, where a higher demand is expected. 12 % of enterprises increased the number of their employees over the past three months (by 5 p.p. less than in the survey conducted in February), 31 % of enterprises (by 5 p.p. more) reported a decrease and 57 % of enterprises had a stable development (similarly as in February). The final seasonally adjusted balance (-10) remained unchanged compared with February, indicating a stabilised trend of the employment situation. A higher number of employees was recorded mainly in arts, entertainment and recreation, the greatest decrease of employees was registered mainly in financial and insurance activities. A deterioration is assumed in the development of the employment over the next three months, the business balance (1) decreased by 8 points, compared with February. A lower number of employees is assumed almost in all groups, only enterprises in financial and insurance activities plan to slightly increase the number of their employees. Compared with the previous period, the business balance of the expected prices of services over the next three months (20) increased by 11 points while an increase of prices is considered  by 23 % of enterprises (by 16 p.p. more than in the last month´s survey). 5 % of enterprises assume a price decrease (by 4 p.p. more than in the previous month), 72 % of enterprises (by 20 p.p. less) expect a stable development.

The survey was conducted in the first half of March, therefore the impacts of the spread of coronavirus infection and the implementation of preventive measures declared by the Slovak Government during this period are only partially covered in the surveys.



Note: * In March 412 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).
Data are seasonally adjusted.

 

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