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Services confidence indicator in February 2021
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Services confidence indicator in February 2021

Last update: 25.11.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 25.02.2021

In February, the seasonally adjusted  confidence indicator in services  decreased again, its value (-31,7) dropped by 7,4 percentage points (p.p.) compared with January. The indicator´s development was affected mainly by more pessimistic expectations of the business situation, as well as the demand over the next three months, while the expected demand was evaluated more favourably by respondents.

Compared with the last month´s survey, the business situation over the past three months deteriorated, the business balance (of seasonally adjusted data) decreased by 28 points and reached the level -45. A deterioration of the business situation is felt by 47 % enterprises (by 18 p.p. more than in the survey conducted in January), an improvement was reported by 3 % of respondents (by 15 p.p. less), while half of the enterprises (by 3 p.p. less) had a stable development. A worsened situation was reported almost in all sectors, mostly though, in financial and insurance activities, in professional, scientific and technical activities, as well as, in administrative and support service activities; compared with January, a slight improvement was recorded only in accommodation and food service activities. Compared with the last month´s survey, the demand for the services over the past three months (-38) decreased by 3 points. The decrease of the demand was recorded mainly in the field of administration and support services, in transportation and storage, in professional, scientific and technical activities; a slightly greater interest was registered in accommodation and food services and in the field of real estates. The expected development of the demand for services over the next three months was evaluated more positively by respondents, the seasonally adjusted business balance (-12) increased by 9 points. A higher demand is expected mostly in arts, entertainment and recreation, in financial and insurance activities, as well as in other activities; a lower demand is assumed in the field of real estates and in professional, scientific and technical activities. 28 % of enterprises decreased the number of their employees over the past three months (by 1 p.p. less than in January), 14 % of enterprises (by 3 p.p. less) reported an increase and 58 % of enterprises had a stable development (by 4 p.p. more). The final seasonally adjusted balance (-19) decreased by 4 p.p. compared with the previous month, indicating a deterioration of the employment situation. The number of employees decreased the most in administration and support services and in arts, entertainment and recreation; a higher number of employees were recorded mainly in other service activities. In the development of the employment over the next three months, a further deterioration of the situation is expected, the business balance (-35) decreased by 20 points, compared with the previous month. A lower number of employees is assumed mainly in financial and insurance activities, in transportation and storage, in real estates; a higher number of employees is considered in arts, entertainment and recreation, in accommodation and food service activities, as well as in other service activities. Compared with the previous period, the business balance of the expected prices of services over the next three months (3) increased by 10 points while an increase of prices is considered by 3 % of enterprises (similarly as in January), 2 % of enterprises (by 1 p.p. less) expect a decrease and 95 % of enterprises (by 1 p.p.more) assume a stable development.


Note: * In February 365 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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