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Economic sentiment indicator in October 2021
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Economic sentiment indicator in October 2021

Last update: 28.10.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 28.10.2021



In October, the economic sentiment in Slovakia was more pessimistic than last month. The seasonally adjusted economic sentiment indicator (ESI) dropped by 3,1 points to 97,0 and it is approximately at the level immediately before the onset of the coronavirus pandemic.

Confidence increased slightly in trade. By contrast, it decreased significantly in industry, slightly in construction, services and 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 8,8 points) and it is still below the long-term average (by 5,5 points).

In October, the confidence indicator in industry decreased by 5,4 percentage points (p. p.) to -4,7 (of seasonally adjusted data). The indicator´s development was influenced by all the three indicators, i.e. by the decrease of orders, the increase of the goods stock and by the decrease of the expected production. In October, the seasonally adjusted confidence indicator in construction dropped by 1 point to -14,5 due to less favourable evaluations of the overall level of orders. The current result is above the long-term average by 9,5 points. In October 2021, confidence indicator in trade rose only very slightly to 27,0 (by 1,3 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 October, the seasonally adjusted confidence indicator in services decreased, its value (11,3) dropped by 2,4 (p.p.) compared with September. The indicator´s development was affected by more pessimistic evaluations of the business situation and the demand over the past three months, while the expected demand was evaluated more negatively by the respondents.

At the beginning of October, the consumer mood in Slovakia was more pessimistic than in the previous month. The seasonally adjusted indicator of consumer confidence decreased by 1,8 points to -22, month-on-month. The indicator thus fell slightly below the level of the long-term average.

Respondents were more pessimistic about all the four components of the indicator, slightly in the expectations of unemployment and the overall economic situation. More pessimistic, but only to a slight degree, were they also in the expectations of the financial situation of households and in savings.

Compared to the situation a year ago, after a deep slump of the indicator due to the implementation of anti-epidemic measures, the respondents were significantly more optimistic ( by 11,7 points) and the current result returned slightly below the long-term average (by 2,5 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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