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Services confidence indicator in August 2021
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Services confidence indicator in August 2021

Last update: 30.08.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 30.08.2021

In August, the seasonally adjusted confidence indicator in services slightly increased after a two-months decrease, its value (13) rose by 1 percentage point (p.p.) compared with July, representing 7 p.p. below the long-term average. The indicator´s development was affected by more optimistic evaluations of the expected demand, while the business situation and the demand over the past three months was evaluated more negatively by the respondents.

Compared with the last month´s survey, the business situation over the past three months slightly deteriorated, the business balance (of seasonally adjusted data) decreased by 1 point and reached the level 12. A deterioration of the business situation is felt by 8 % enterprises (by 3 p.p. less than in July), 26 % of respondents reported an improvement (by 1 p.p. less), 66 % of enterprises (by 4 p.p. more) had a stable development. Accommodation and food services, as well as entities in the field of arts, entertainment and recreation, expressed less satisfaction; situation improved compared to July, especially in transportation and storage, as well as in administrative and support services. Compared with the last month´s survey, the demand for the services over the past three months (7) decreased by 8 points. A decrease of the demand was felt almost in all sectors, mostly though in accommodation and food services in information and communication, in arts, entertainment and recreation; a higher demand was recorded only in transportation and storage. 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 (20) increased by 12 points.  A higher demand is expected mainly in administrative and support services, but also in transportation and storage, in information and communication, as well as in professional, scientific and technical activities; accommodation and catering services expect a significantly lower interest in their services. 42 % of enterprises decreased the number of their employees over the past three months (by 4 p.p. more than in July), 14 % of enterprises reported an increase (similarly as in the previous month), 44 % of enterprises had a stable development (by 4 p.p. less).  The final seasonally adjusted balance (-25) decreased by 4 p.p. compared with the previous month, indicating a deterioration of the employment situation. The number of employees decreased mostly in financial and insurance activities, as well as in accommodation and food services; a higher number of employees was mainly in arts, entertainment and recreation. In the development of the employment over the next three months, a slight improvement of the situation is assumed, the business balance (-1) increased by 1 point, compared with the previous month. Higher numbers of employees are expected especially in financial and insurance activities, on the contrary, lower number of employees is assumed mainly in accommodation and food services and also in professional, scientific and technical activities. Compared with the previous period, the business balance of the expected prices of services over the next three months (13) decreased by 7 points while a decrease of prices is considered only by 2 % of enterprises, 8 % of enterprises assume a price increase, though the majority of enterprises (90 %) expect a stable development.

Note: * In August 572 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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