Business environment in Latvia declines in most sectors

Data of business tendency surveys published on May 31 by the Central Statistical Bureau (CSB) show that the business environment in May 2023 continues to worsen in the manufacturing, construction and services sector, but retail trade is the only sector where the business environment is positive.

Business confidence indicators characterize general situation in the sector and they are acquired by carrying out business surveys in industry, construction, retail trade and services 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 May 2023 confidence indicator in retail trade was 8.1, according to seasonally adjusted data, and, compared to April, it has increased by 1.8 percentage points. The fastest growth of confidence indicator (of 17.6 percentage points) was in retail sale of fuel, reaching value 30.2.

In services sector, the seasonally adjusted confidence indicator in May 2023 was - 1.5 and business environment of entrepreneurs, compared to April, has worsened by 3.9 percentage points. 

According to seasonally adjusted data, in May confidence indicator in construction comprised - 10.8, which is 2.0 percentage points less as compared to the previous month.

According to seasonally adjusted data, confidence indicator in manufacturing in May comprised - 9.7. As compared to April, it has dropped by 2.5 percentage points.

In May 2023 economic sentiment indicator in Latvia comprised 93.7, (94.6 – 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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