The economic sentiment in Slovakia was worse in July than a year ago and lagged behind the long-term average by 5.7 points

The confidence of Slovak entrepreneurs and consumers dropped in July 2022 for the second consecutive month. The aggregate seasonally adjusted economic sentiment indicator decreased by 2.7 points compared to the previous month, the current value reached 96.8.

There was a decrease in confidence in three of the four monitored industries and also among consumers. The most significant drop, for the second consecutive month, was the confidence of entrepreneurs in services. However, it also decreased in trade and slightly in industry. On the contrary, a relatively significant increase in optimism was manifested in construction.

The current ESI value was also more pessimistic compared to the corresponding period last year, when it dropped by 4 points. Lagging behind the long-term average also increased. While in June it was by 3 points, in July it dropped by 5.7 points below the long-term average.

The ESI value represents the weighted arithmetic average of five sub-confidence indicators, with the confidence indicator in industry (40%) having the greatest impact, followed by the confidence indicator in services (30%), in construction (5%), in trade (5%) and the consumer confidence indicator (20%). The survey is coordinated by the European Commission and has the same methodology in all EU member states. Details on the five sub-confidence indicators are provided in a special information report.