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Against August 2016, the economic sentiment indicator grew by 5 percentage points: the service confidence indicator grew by 8, industrial – by 5, construction – by 2 percentage points, consumer – by 1 percentage point. The trade confidence indicator decreased by 1 percentage point.

Economic sentiment indicator and its components

*For more information, see the press release Consumer opinion survey results.

The results of the interview of industrial enterprise managers showed that in August 2017, against July, business tendencies in industry improved. It was influenced by more optimistic expectations for production and a decrease in stocks.

An increase in production in the coming three months was expected by 33, a decrease – by 12% of the enterprise managers interviewed (a month ago, 30 and 10% respectively). Expectations for exports of industrial products also improved: an increase in exports was expected by 27, a decrease – by 8% of enterprise managers (a month ago, 26 and 14% respectively). Most (81%) enterprise managers did not plan on changing the number of employees, while 15% planned on increasing it.

In the past three months, the demand for industrial products increased: 36% of enterprise managers stated that it increased, 12% – that it decreased (a month ago, 33 and 15% respectively). However, the industrial production growth rate slowed down: 31% of respondents indicated an increase in production in the past three months, 15% – a decrease (a month ago, 37 and 19% respectively).

In August 2017, against August 2016, the construction confidence indicator grew by 2 percentage points. It was influenced by a more optimistic employment forecast for the coming months: an increase in the number of employees was expected by 19, a decrease – by 13% of enterprise managers (a year ago, 18 and 15% respectively). Moreover, the forecast for construction orders was also better: an increase in the number of construction orders in the coming months was expected by 19, a decrease – by 6% of enterprise managers (a year ago, 15 and 10% respectively).

In August 2017, 32% of enterprise managers stated that the volume of construction works in the past three months increased, 9% – that it increased (a year ago, 40 and 15% respectively).

Most (74%) respondents expected prices for construction work to remain unchanged, while 23% expected them to increase.

The survey of retail trade** enterprise managers showed that in August 2017, against July, business tendencies changed just marginally. 14% of enterprises stated that their business situation improved, 9% – that it deteriorated (a month ago, 15 and 8% respectively). The forecast for the coming months remained similar: 18% of enterprise managers expected their business situation to improve, 7% – to deteriorate (a month ago, 19 and 7% respectively).

However, in August, against July, a larger part of retail trade enterprises planned on purchasing more goods for resale: 21% of respondents planned on purchasing more, 9% – less goods for resale (in July, 18 and 11% respectively).

Most (67%) enterprise managers did not plan on changing the number of employees, while 18% planned on increasing it. 6% of enterprise managers planned on increasing the prices of goods sold, yet most (92%) enterprise managers did not plan on changing them.

In August, economic changes in the service sector were marginal; trends remained similar to those in July. The survey results showed that the demand for services in the past months slightly decreased: in August, 8% of respondents indicated that the demand for services decreased, 25% – that it increased (in July, 7 and 25% respectively). Most (75%) enterprise managers stated that their business situation in the past three months remained unchanged, 20% stated that it improved, 5% – that it deteriorated (in July, 74, 21, and 5% respectively).

Just as a month ago, almost two-thirds (63%) of service enterprise managers did not expect an increase in demand in the coming months, 32% – expected it to increase, 5% – to decrease (in July, 65, 30, and 5% respectively). 20% of service enterprise managers planned on hiring new employees; meanwhile, most (68%) service enterprise managers did not plan on changing the number of employees. An increase in prices for services in the short run was expected by 7, a decrease – by 3% of the interviewed, while 90% of enterprise managers did not plan on changing the prices.

The survey is partially funded by the EU.

For information on the EU countries, see the European Commission’s website.

For more information, see the Database of Indicators.