Business environment trends still mostly negative in Latvia

Data from business tendency surveys published by the Central Statistical Bureau (CSB) on May 3 show that in April 2022 business confidence indicators were negative in the construction, manufacturing, and services sectors. Only the business environment in retail trade still remains positive.

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

In April 2022 confidence indicator in retail trade, according to seasonally adjusted data, comprised 2.2. As compared to March, this indicator has dropped by 1.4 percentage points. Business environment was positive in all sub-sectors of retail trade. In April, 28 % of retail sellers indicated that they feel no factors restricting their economic activity, and this is the highest value of this indicator since October 2020. 

In the services sector, the seasonally adjusted confidence indicator in April 2022 was negative (- 3.0) and business environment of entrepreneurs has improved by 0.6 percentage points, compared to March. In April, 35 % of respondents of services sector have not felt any factor restricting economic activity.

Confidence indicator in construction, according to seasonally adjusted data, was -13.9 which, compared to the previous month, has risen by 0.7 percentage points. In April construction sector was mostly affected by lack of materials or equipment (indicated by 32 % of respondents, which is 6 percentage points more than in the previous month).

Compared to March, confidence indicator in manufacturing has worsened by 1.6 percentage points and comprised -3.3. As compared to April last year, assessment of entrepreneurs regarding the expected volume of export orders for the next three months.

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In April 2022 economic sentiment indicator comprised 95.0, (95.4 – in the previous month).

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