Stats: Confidence in Economy Remains Almost Unchanged in February

Bratislava, 26 February (TASR) - The economic mood in Slovakia in February remained almost unchanged when compared to the previous month, with the Economic Sentiment Indicator (ESI) rising only slightly by 0.1 points to 97.5, the Statistics Office reported on Thursday. Confidence in the Slovak economy improved most among business people engaged in services and construction, as well as among consumers, with a slight decline seen in industry and trade. Compared to the same period of last year the overall figure is 5.4 points less optimistic, and it's 8.2 points below the long-term average. After seasonal adjustments, the confidence indicator in industry decreased by 2 points to minus 2.3 in February, mainly as a result of a decline in expected production (especially in the production of coke and refined oil products) and in orders (mainly in wood and paper products) The seasonally adjusted confidence indicator in services rose by 2 points to 0.3 in February, with improvements posted in two of its components, while the third component remained at the level seen in the previous month. The respondents evaluated positively developments in the business situation, primarily in real estate, and they also expected an increase in demand, mainly in the arts, entertainment and recreation, over the next three months. Meanwhile, the confidence indicator in trade fell by 1.3 points from January to stand at 6 points. The respondents evaluated developments in inventories negatively, while also expecting lower business activities. Pessimistic views of future business activities prevailed among respondents in car repairs and maintenance. The seasonally adjusted confidence indicator in construction increased by one point to minus 5.5 in February under the influence of more optimistic evaluations regarding the overall level of orders. The consumer atmosphere in Slovakia slightly improved in the second month of this year. The seasonally adjusted indicator went up by 1.7 points from January to minus 25 and was 5.1 points below the long-term average. Consumers were more optimistic in two of the four components of the indicator, mainly with regard to their expected savings and the overall economic situation. Conversely, they negatively perceived developments in unemployment, and they were also slightly more pessimistic about the overall financial situation. jrg/df