Consumer confidence in Slovakia increased by 2.4 points in March to reach its highest level for four years, data from the Statistical Office of the Slovak Republic has found.
The consumer confidence level currently stands at -11, with consumers ‘more optimistic’ in three out of four components of the indicator – consumers expect an improvement in the development of the general economic situation, as well as in terms of unemployment.
Consumer optimism
Consumers were also more optimistic when assessing the development of their household financial situation. At the same time, they were slightly more pessimistic when it came to ability to save.
‘Consumer optimism is the highest since March 2020,’ the office said.
Confidence indicators
In March, the confidence indicator in the industrial sector increased by 3 points to -6.3 after seasonal adjustment. This uptick was driven by the anticipated growth in industrial production.
However, in the services sector, the confidence indicator dropped by 12.4 points, reflecting declines in all three indicators – business situation, demand, and expected demand.
Similarly, in construction, confidence indicators decreased by 2 points, while in trade, the indicator fell by 1.7 points.
Overall, in March, the economic sentiment indicator (ESI) experienced a decrease of 2.3 points compared to the previous month, reaching a value of 104. While three out of its five components recorded declines, the economic mood was still more favorable by 9.7 points compared to the same time last year. However, it fell slightly behind the long-term average by 2 points.
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