Business mood improved in November in Latvia

Data of business tendency surveys published November 30 by the Central Statistical Bureau (CSB) shows that, compared to October, in November 2022 indicators in construction, retail trade and services sector have improved, but in manufacturing business environment continues to worsen.

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 sector. If the indicator is above zero, business environment is positive, if it is below zero – the business environment is negative.

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In November 2022 confidence indicator in retail trade, according to seasonally adjusted data, comprised 3.4. Compared to October, business environment thereof has improved by 3.7 percentage points, and this is the highest value of this indicator since March. 

In the services sector, the seasonally adjusted confidence indicator in November 2022 was negative (- 0.6), but business environment of entrepreneurs, compared to October, has improved by 1.3 percentage points. 

According to seasonally adjusted data, in November confidence indicator in construction comprised -11.7, which is an increase of 2.9 percentage points as compared to the previous month.

According to seasonally adjusted data, in November confidence indicator in manufacturing comprised - 9.6, which is the lowest value of this indicator since the middle of 2020. As compared to October, this indicator has dropped by 0.7 percentage points. 

When answering the question about the factors restricting their business activity, entrepreneurs also mention the unpredictability and uncertainty of various conditions related to economic activity. The indicator, which characterizes the predictability of the development of economic activity, this year in most sectors reached its lowest values ​in March, immediately after the beginning of hostilities in Ukraine. During the summer, the uncertainty had slightly reduced, but from September, as winter is approaching and the increase in prices of energy resources becomes more topical, net2 predictability of economic activity tends to decrease again. In November, this indicator was the lowest in construction and retail trade (-42.1 in both), but in manufacturing and services sector -35.4 and -28.2, respectively.

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