Confidence in the Slovak economy among entrepreneurs rose again, though consumer sentiment was the worst since March 2023

The key economic sentiment indicator increased again after two months, but it was still lower than a year ago. While entrepreneurs, especially in the services sector, showed optimism, consumers remained sceptical. Concerns about the deteriorating of household finances have deepened the most.

In November, the mood of the Slovak entrepreneurs and consumers improved month-on-month across all monitored sectors of economy. The economic sentiment indicator (ESI) increased by 4.5 points to 98.1. The overall improvement was driven mainly by optimism in services, while entrepreneurs in industry, trade, and construction were also more positive, though their optimism was less pronounced. Consumers, however, became more pessimistic.

Compared to the previous year, the economic sentiment has deteriorated by 0.7 points and remains by 7.9 points below the long-term average.

Economic sentiment is measured by five sub-indicators that express the expectations and confidence of entrepreneurs in four sectors (industry, construction, trade and services) and consumers. The sub-indicators range on a scale from -100 points (maximum pessimistic answers) to +100 points (maximum optimistic answers).

The confidence indicator in industry, after seasonal adjustment, increased by 2.3 points to -8 in November. The indicator´s development was mainly affected by a rise in expected production, particularly anticipated in manufacture of coke and refined petroleum products.

The seasonally adjusted confidence indicator in services rose in November 2025 to 8.7 points. Compared to the previous month, there was an improvement in all components of the indicator, mainly due to growth in transport and storage. The business situation improved mainly in financial and insurance services. Demand in the previous period developed favourably particulary in transportation and storage. While in the next three months they are announcing an increase in demand, primarily in arts, entertainment, and recreation.

Consumer confidence in Slovakia reached its lowest level in two and a half years in November. The consumer confidence indicator (seasonally adjusted) dropped by 1.8 points to – 24.6 month-on-month, marking the lowest value since March 2023. Compared to the long-term average, overall sentiment deteriorated by 4.7 points. Consumer confidence declined across all four components of the indicator. Concerns about household finances increased the most, not only regarding expected savings but also the overall financial situation. Consumers also viewed the development of the overall economic situation and unemployment more negatively.

The confidence indicator in trade increased in November compared with October by 1 point to 8.3. Respondents evaluated the current trend of business activities positively and expect higher demand on suppliers. Business activities developed favorably mainly in retail trade of other household goods in specialized stores and in sale of parts and accessories for motor vehicles. Higher demand on suppliers was expected particularly in non-specialized retail trade.

In November, the seasonally adjusted confidence indicator in construction rose by 0.5 points to -2.5 compared with October, due to more favorable evaluations of the expected employment.