Stats: Economic Mood in Slovakia Improved for First Time in Two Months in July

Bratislava, 30 July (TASR) - The economic mood in Slovakia in July slightly improved when compared to the previous month, with the Economic Sentiment Indicator (ESI) growing by 0.8 points to 96.8, the Statistics Office reported on Wednesday. Confidence in the Slovak economy improved most among businessmen engaged in industry. Meanwhile, entrepreneurs engaged in construction, trade and services along with consumers were more pessimistic than in June. The overall figure is 7.7 points less optimistic than in the same period of last year, and it was 9.2 points below the long-term average. After seasonal adjustments, the confidence indicator in industry increased by 4.3 points to -3 in July, mainly as a result of growth in expected production and a decline in inventories, especially in the chemicals industry. The seasonally adjusted confidence indicator in services declined by 1.3 points to -2 points, with drops posted in the business situation and in expected demand, especially in financial and insurance services. Meanwhile, the confidence indicator in trade decreased by 1.7 points from June to stand at 9. The respondents evaluated negatively a decrease in business activities and a drop in the number of employees. Pessimistic views of future business activities prevailed among respondents in the repair and maintenance of motor vehicles and in the sale of motor vehicle components and accessories. The confidence indicator in construction fell by 5 points to -6.5 in July under the influence of more pessimistic evaluations regarding the overall level of orders and expected employment. Following a slight improvement last month, the consumer atmosphere in Slovakia worsened to the lowest figure seen in the past two years (since May 2023) in July. The indicator went down by 1.3 points from June to -24.1. It was 4.2 points below the long-term average. Consumers were more pessimistic in two of the four components of the indicator. They were mainly concerned about developments in unemployment, but also about their household savings. Conversely, they were more optimistic about the overall economic situation and the financial situation of their households. ko/df