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Services confidence indicator in October 2021
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Services confidence 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 seasonally adjusted confidence indicator in services decreased, its value (11,3) dropped by 2,4 percentage points (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.

Compared with the last month´s survey, the business situation over the past three months deteriorated again, the business balance (of seasonally adjusted data) decreased by 2 points and reached the level 5. A deterioration of the business situation is felt by 12 % enterprises (by 4 p.p. more than in September), 19 % of respondents reported an improvement (by 2 p.p. less), 69 % of enterprises (by 2 p.p. less) had a stable development. They were less satisfied mainly in accommodation and food service activities, as well as in arts, entertainment and recreation; an improvement of the situation was recorded mainly in information and communication and in professional, scientific and technical activities, compared with September. Compared with the last month´s survey, the demand for the services over the past three months (2) decreased by 8 points. A decrease of the demand was felt mainly in the field of accommodation and food services, in arts, entertainment and recreation, as well as in transportation and storage and in other service activities; a higher demand was recorded mainly in administration and support services. The expected development of the demand for services over the next three months was also evaluated more positively by respondents, the seasonally adjusted business balance (27) increased by 3 points.  A higher demand is expected mainly in professional, scientific and technical activities, as well as in transportation and storage and in other service activities; lower interest in their services is assumed by accommodation and food services, mainly subjects in the field of arts, entertainment and recreation. 43 % of enterprises decreased the number of their employees over the past three months (by 1 p.p more than in September), 14 % of enterprises reported an increase (by 1 p.p. more), 43 % of enterprises had a stable development (by 2 p.p less). Compared with the previous month, the final seasonally adjusted balance (-31) dropped by 7 p.p. indicating a deterioration in the employment situation. The number of employees decreased mainly in accommodation and food services; there was a higher number of employees mainly in administration and support service activities. In the development of the employment over the next three months, an improvement of the situation is assumed, the business balance (4) increased by 11 points, compared with the previous month. A higher number of employees is assumed mainly in administration and support service activities and in other service activities. Compared with the previous period, the business balance of the expected prices of services over the next three months (8) decreased by 5 p.p. while 4 % of enterprises consider a price drop, 12 % of enterprises expect an increase, however, the majority of enterprises (84 %) assume a stable development. 20 % of companies do not feel limiting factors concerning the realization of their business plans. The most significant factors limiting the business plans in services have been insufficient demand (38 %), financial constraints (26 %), shortage of employees (25 %) and other barriers (21 %), within other barriers respondents reported most often: frequent legislative changes, increased costs, rising energy costs but mainly the uncertainty about the pandemic´s development and its unintended consequences on the economy.


Note: * In October 552 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). Confidence indicator and balances on republic level are seasonally adjusted.


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