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IES: Trust in Economy Growing, But Consumers More Pessimistic
Friday 27 November 2009 Zoom in | Print page
Bratislava, November 27 (TASR) - Trust in Slovak economy continues to grow, with the Index of Economic Sentiment (IES) increasing by 2 percentage points month-on-month to reach 79.4 in November, the country's Statistics Office announced on Friday.
"A positive development in the Index was influenced mainly by an increase in the sectors of services, the construction industry and industry as such, while the trust of consumers in the retail sector dropped," said the office. Despite the increased optimism, the IES was 9 percentage points lower year-on-year, and 21 points below the long-term average.
Compared to October, the indicator of consumer trust dropped by 2.9 points to minus 33.2. This was due to expected negative developments in three main areas - the financial situation of households, the economic situation in Slovakia and the prospects of households making savings. The indicator fell by 2.2 points year-on-year.
The indicator of trust in industry went up by 1.3 month-on-month to minus 7.7 percentage points in November. According to the stats office, the rise was mainly due to expectations of an increase in industrial production over the next three months.
The confidence indicator in construction grew by 2.5 points m-o-m in November to minus 45 points, which is still 24 points below the long-term average.
As for the retail sector, the indicator fell again compared to October by 2.7 points to minus 15 points. The chief influence on this was exerted by negative evaluations of the current economic situation.
The indicator for services went up by 3.3 points m-o-m to 2.3 points, which, however, is still far below the long-time average.
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