Business environment down in all sectors in Latvia in April

Data of business tendency surveys published on April 28 by the Central Statistical Bureau (CSB) show that in April 2023 business environment has worsened in all business sectors.

In retail trade and services sector it retained positive values, but in the manufacturing and construction business, the environment is negative.

Business confidence indicators characterize the general situation in the sector and they are acquired by carrying out business surveys in industry, construction, retail trade and services sectors. If the indicator is above zero, the business environment is positive, if it is below zero – business environment is negative.

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In April 2023 confidence indicator in retail trade was 6.1, according to seasonally adjusted data, and, compared to March, it has reduced by 2.4 percentage points. Business environment, according to seasonally unadjusted data, was positive in all sub-sectors of retail trade. 

In the services sector, the seasonally adjusted confidence indicator in April 2023 was 2.7 and business environment of entrepreneurs, compared to March, has worsened by 2.4 percentage points. As usual, indicators of environment differ significantly in various services sectors, and also trend of their changes differ depending on the specificities of the sector and seasonal impact. 

According to seasonally adjusted data, in April confidence indicator in construction comprised - 8.4, which is 0.5 percentage points less as compared to the previous month.

According to seasonally adjusted data, confidence indicator in manufacturing in April comprised - 6.9. As compared to March, it has dropped by 1.9 percentage points.

In April 2023 economic sentiment indicator in Latvia comprised 94.9, (97.7 – in the previous month). This indicator characterizes general socio-economic situation in the country during a certain period of time (month), and it is calculated by the European Commission, Directorate-General for Economic and Financial Affairs for all EU countries according to a common methodology, taking 15 various seasonally adjusted components included in industry, construction, retail trade and services sector, as well as in consumer confidence indicator, as a basis.

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