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Services confidence indicator in October 2019

Services confidence indicator in October 2019

Last update: 29.10.2019
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 29.10.2019

In October, the confidence indicator in services increased, its value (8,7) was higher by 1,7 percentage points, compared with September. The indicator´s development was affected by a favourable evaluations of the expected demand, while the business situation and the demand over the past three months were evaluated more negatively by respondents.

Compared with the last month´s survey, the business situation over the past three months slightly deteriorated again, the business balance (of seasonally adjusted data) decreased by 1 point and reached the level -6. A deterioration of the business situation is felt by 17 % of respondents (by 2 % less than in September), an improvement was reported by 16 % of enterprises (by 1 % more) and 67 % of enterprises (by 1 % more) has a stable development. A slight deterioration was reflected in financial and insurance activities, in the field of real estates as well as in arts, entertainment and recreation, a favourable situation was mainly in transportation and storage and in enterprises classified under other activities. Compared with the previous month´s survey, the demand for the services over the past three months (10) decreased by 2 points. A weaker demand was recorded almost in all sectors, except accommodation and food service activities, financial and insurance activities as well as in other service activities, where contrastly an increase of the demand was observed. The expected development of the demand for services over the next three months was evaluated positively by respondents, the seasonally adjusted business balance (22) increased by 8 points. A higher demand is expected mainly in transportation and storage, in accommodation and food service activities, in financial and insurance activities, a slight decrease of the demand is assumed only in administrative and support service activities and in arts, entertainment and recreation. 17 % of enterprises increased the number of their employees over the past three months (by 1 p.p. less than in the survey conducted in September), 24 % of enterprises (by 13 p.p. less) reported a decrease and 59 % of enterprises had a stable development (by 14 p.p. more). Compared with the last month, the final seasonally adjusted balance (-7) increased by 4 points, indicating the maintenance of the positive trend in the field of employment. Over the past three months, the number of the employed increased in transportation and storage, in accommodation and food service activities, in information and communication, the number of employees was reduced in administration and support service activities. An improvement is also assumed in the development of the employment over the next three months, the business balance (2) increased by 11 points, compared with the survey conducted in September. The number of employees will be increased mainly in transportation and storage, a lower number of employees is planned mainly in the fields of arts, entertainment and recreation. Compared with the previous period, the business balance of the expected prices of services over the next three months (21) increased by 6 points while the majority of enterprises (79 %) assume a stabilized development. 20 % of enterprises (by 10 p.p. more than in September) consider a price increase, only 1 % of enterprises expect a price decrease (similarly as in the previous month). 33 % 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 (31 %), shortage of employees (22 %), financial constraints (21 %) and other barriers (14 %), 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 94 % in October.

Note: * In October 441 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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  • Slovak Republic
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