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Services confidence indicator in May 2020

Services confidence indicator in May 2020

Last update: 28.05.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Business tendency surveys and consumer opinions
Publish Date: 28.05.2020

 

In May, the confidence indicator in services continued to follow a downward trend, its value (-52,3) was lower by 3 percentage points (p.p.), compared with April. The indicator´s development was affected by negative evaluations of the business situation and the demand over the last three months, while the expected demand was evaluated positively 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 8 points and reached the level -67. A deterioration of the business situation is felt by 83 % enterprises (by 13 p.p. more than in the survey conducted in April), an improvement was indicated by 1 % of enterprises (by 1 p.p. less) and 16 % of enterprises (by 12 % less) had a stable development. A downward trend was reflected in all sectors, most significantly in arts, entertainment and recreation and in professional, scientific and technical activities. Compared with the last month´s survey, the demand for the services over the past three months (-58) decreased by 17 points. A decrease of the demand was felt in all sectors, the most considerable decrease was felt in real estates, in financial and insurance activities, as well as, in administrative and support service activities. The only exceptions were the accommodation and food services where a slightly increased interest was recorded. The expected development of the demand for services over the next three months was evaluated positively by respondents, the seasonally adjusted business balance (-32) increased by 16 points. A higher demand is expected almost in all groups, the greatest optimism was expressed by respondents in accommodation and foods services and in arts, entertainment and recreation. Though, they have markedly favourable expectations also in information and communication, in professional, scientific and technical activities, as well as in other activities. 49 % of enterprises decreased the number of their employees over the past three months (by 25 p.p. less than in the survey conducted in April), 3 % of enterprises (by 4 p.p. less) reported an increase and 48% of enterprises had a stable development (by 21 p.p. less). The final seasonally adjusted balance (-44) decreased by 33 p.p. compared with the previous month, indicating only a deterioration of the employment situation. A lower number of employees was recorded in all sectors, except real estate services. The greatest decline was indicated by subjects performing professional, scientific and technical activities, as well as financial and insurance activities. A continuing deterioration is assumed in the development of the employment over the next three months, the business balance (-29) decreased by 18 points, compared with the previous month. A lower number of employees is assumed mostly in professional, scientific and technical activities and in administrative and support service activities, on the contrary, an increase in the number of employees is planned in transportation and storage, in accommodation and food service activities, in arts, entertainment and recreation, 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 (29) increased by 14 points while an increase of prices is considered  by 32 % of enterprises (by 4 p.p. more than in the last month´s survey). 5 % of enterprises assume a price decrease (by 3 p.p. less than in the previous month), 63 % of enterprises (by 1 p.p. less) expect a stable development.

Respondents were contacted after the 1st phase of the release of measures to combat the spread of coronavirus, and during the data collection, the 2nd and 3rd phases of the release of measures were announced (on 6 May 2020). The previous survey in April took place before the announcement of the first phase of the release of measures on 22 April 2020.


Note: * In May 378 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). Data are seasonally adjusted.


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  • Slovak Republic
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