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Business confidence grew in industry and retail in April in Latvia

Data of business tendency surveys published April 30 by Central Statistical Bureau (CSB) show that in April 2021 business confidence indicators have risen above zero in retail trade and manufacturing, as well as have improved in services sector and construction.

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.

According to seasonally adjusted data, in April confidence indicator in retail trade comprised 1.4. Last time positive value (2.2) was registered in October 2020. As compared to March, this indicator has grown by 14.2 percentage points. 

In services sector in April 2021, according to seasonally adjusted data, confidence comprised -3.8. As compared to March, this indicator has grown by 14.9 percentage points. Business environment has improved in almost all services sectors, even though it is still negative in the largest part. 

In April this year confidence indicator in construction, according to seasonally adjusted data, was -13.7, which, compared to the previous month, has risen by 7.4 percentage points.

In April confidence indicator in manufacturing has reached 3.0 (increase of 8.6 percentage points, compared to March), and it is positive for the first time since February 2020.

In April 2021 economic sentiment indicator comprised 101.7, which is 11 points more than in March. Economic sentiment 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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