Consumer confidence rose for the fourth month in a row in Slovakia in December 2023, according to data from the Statistical Office of the Slovak Republic, while business entrepreneurs were also more optimistic.
Consumer confidence was up 1.4 points for the month, compared to November, reaching a level of -14.9, which is its highest level since March 2020, and exceeds the long-term average by 5.2 points.
Consumers are more optimistic about the general economic situation of the country, the financial situation of households, and also the current unemployment rate.
Where they are more pessimistic, however, is with regard to their propensity to save.
Trade confidence
The trade confidence indicator, meanwhile, rose by 4 points month-on-month to sit at a value of 6.7.
Respondents have expressed a positive assessment of the current trajectory of business activities and anticipate further growth in the near future, the statistics office said.
Over the past three months, there have been a number of favourable development, particularly in the sale of motor vehicles and the retail trade of goods related to culture and recreation in specialised stores. Looking ahead to the next three months, respondents anticipate a further increase, again related to specialist stores.
In construction, meanwhile, the seasonally-adjusted confidence indicator was up 5.5 points to -9, compared to the previous month.
Overall economic sentiment
Overall, in comparison to the situation a year ago, the economic sentiment in Slovakia improved by 7.5 points, though it still fell short of the long-term average by 5.7 points.
The economic mood is gauged through five sub-indicators, reflecting the expectations and confidence of entrepreneurs in industry, construction, trade, and services, as well as consumers. Partial indicators within this measurement span from -100 points (indicating maximum pessimism) to +100 points (indicating maximum optimism).
