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Economic sentiment indicator in November 2021
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Economic sentiment indicator in November 2021

Last update: 29.11.2021
Ilustračný obrázok
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 29.11.2021

The economic sentiment in Slovakia was more optimistic in November than last month. The seasonally adjusted economic sentiment indicator (ESI) rose by 2,8 points to 99,8 and it is roughly at the level immediately before the onset of the coronavirus pandemic.

Confidence slightly increased in industry and services, marginally in trade and in construction it remained at the same level. By contrast, it decreased slightly among consumers. The current value of ESI is significantly more optimistic than in the corresponding period last year after its deep slump caused by anti-epidemic measures (by 15,6 points), but it is still below the long-term average (by 2,7 points).

In November, the confidence indicator in industry increased by 4,7 percentage points (p.p.) to 0 after seasonal adjustment. The indicator´s development was favourably influenced mainly by the expected increase of the production in the next three months and by the increase of orders. In November, the seasonally adjusted confidence indicator in construction remained at the level of the previous month (-14,5), when the unfavourable evaluation of the expected employment was eliminated by the favourable development of the overall level of orders. The current result is above the long-term average by 9,5 points. In November 2021, confidence indicator in trade remained almost at the same level than last month. It reached 27,7 (growth by 0,7 p.p.). Respondents consider the current situation as favourable, however due to the expected stricter measures related to the forthcoming wave of the pandemic they are still cautious in assessing the future development. In November, the seasonally adjusted confidence indicator in services increased, its value (15) rose by 3,7 percentage points (p.p.) compared with October. The indicator´s development was affected by more optimistic evaluations of all its three components.

At the beginning of November, the consumer mood in Slovakia was more pessimistic than in the previous month. The seasonally adjusted indicator of consumer confidence, decreased by 0,9 points to -22,9, month-on-month. The indicator has thus fell below the level of the long-term average.

Respondents were more pessimistic about three out of the four components of the indicator, slightly in line with unemployment expectations. They were more pessimistic, but only slightly, in the expectations of the overall economic situation and the financial situation of the household. They were only slightly more optimistic about the expectations of household savings.

Compared to the situation a year ago, after a deep slump in the indicator due to the implementation of anti-epidemic measures, respondents were significantly more optimistic (by 11,7 points) and the current result remained below the long-term average (by 3,4 points).

Note: The values of the confidence indicator range from -100 (responses of all respondents are maximally pessimistic) to 100 (responses of all respondents are maximally optimistic). Data are seasonally adjusted.


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