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Economic sentiment indicator in August 2021
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Economic sentiment indicator in August 2021

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



The economic mood in Slovakia was again more pessimistic in August than a month ago, but this time only slightly. The seasonally adjusted economic sentiment indicator (ESI) decreased by 1,6 points to 99,2 and is approximately at the level immediately before the onset of the coronavirus pandemic.

Confidence has fallen sharply in industry, while it has risen slightly among consumers, services and in trade. In construction, it remained unchanged. 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 9,8 points) and it is slightly below the long-term average (by 3,3 points).

In August, the confidence indicator in industry decreased by 5,7 percentage points (p.p.) to -1, after seasonal adjustment. The indicator´s development was unfavourably influenced mainly by the expected decrease of the production over the next three months. In August, the seasonally adjusted confidence indicator in construction remained at the level of the previous month (-21), when the unfavourable development of the expected employment was eliminated by the favourable development of the overall level of orders. The current result is above the long-term average by 3 points. In August 2021, confidence indicator in trade was moderated only very slightly and it increased to the value 27,3 (growth by 1 p.p.). Respondents assess the current situation as sufficient due to the loosening of the anti-Covid measures but at the same time they are still cautious in assessing the future development. In August, the seasonally adjusted confidence indicator in services slightly increased after a two-months decrease, its value (13) rose by 1 percentage point 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.

At the beginning of August, the consumer mood in Slovakia was slightly more optimistic than in the previous month. The seasonally adjusted indicator of consumer confidence, increased by 1,8 points to -18,8, month-on-month. Thus, almost the entire last month's deterioration of the indicator has been erased, which stopped its previous four-months growth and the indicator is close to its long-term average.

Compared to the previous month, respondents were more optimistic, although still only to a slight degree, especially in the expectations of the unemployment. They were somewhat less optimistic about the expectations of the general economic situation, savings and the financial situation of households.

Compared to the situation a year ago, after a deep slump in the indicator due to the implementation of anti-epidemic measures, the respondents were significantly more optimistic (by 12 points) and the current result returned slightly above the long-term average (by 0,7 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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