Slovakia's economic confidence and consumer optimism

According to a report by the Statistics Office on Thursday, economic confidence in Slovakia showed minimal change in September, with the overall seasonally adjusted Economic Sentiment Indicator (ESI) decreasing compared to the previous month. Notably, this figure is more positive than the same period last year and slightly below the long-term average.
 
While entrepreneurs in industries like manufacturing, construction, and trade expressed a slightly more pessimistic outlook compared to August, increased confidence among those in the services sector and consumers helped prevent a more significant decline in the indicator.
 
After adjusting for seasonal variations, the confidence indicator in the manufacturing sector dropped due to expectations regarding industrial output. Conversely, entrepreneurs in the services sector exhibited an increase in confidence in September, thanks to more favorable evaluations across all three components.
 
In contrast, the trade sector saw a decrease in September, marking the first time in a while that it reported a negative value, driven by negative evaluations of business activities and expected reductions in the workforce. The construction sector's seasonally adjusted indicator also dropped due to less favorable assessments of overall order levels, accompanied by expectations of workforce reductions.
 
However, on a positive note, consumer confidence in Slovakia reached its highest level in recent years during September. The seasonally adjusted indicator increased, reflecting greater optimism in all four components, notably in expectations regarding the overall economic situation, unemployment, household finances, and savings.