Business sentiment improves in retail and manufacturing sectors

Data from the business tendency surveys carried out by the Central Statistical Bureau (CSB) and published March 1 show that in February 2024, compared to January, the business environment has improved in retail trade and manufacturing, but worsened in the construction and services sectors.

Business confidence indicators characterize the general situation in each sector. If the indicator is above zero, business environment is positive, if it is below zero – business environment is negative.

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In February 2023 the confidence indicator in retail trade was 3.5, according to seasonally adjusted data, and, compared to January, it has risen by 2.6 percentage points.

In the services sector, the seasonally adjusted confidence indicator in February was zero and the business environment, compared to January, has worsened by 1.7 percentage points.  Similarly, in construction, according to seasonally adjusted data, the confidence indicator in February comprised 14.4, which is a decrease of 2.7 percentage points as compared to the previous month.

Construction activity in February was mostly affected by bad weather conditions and insufficient demand (indicated by 52 % and 40 % of respondents, respectively). Lack of labour force and financial difficulties as a limiting factor was indicated by 16 % and 13 % of construction enterprises, respectively. Lack of materials or equipment was indicated by 4 %, but 13 % of entrepreneurs surveyed did not feel any factors limiting construction activity in February.

The confidence indicator in manufacturing in February comprised 6.3. As compared to January, it has increased by 1.9 percentage points.


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