Business environment still negative in all sectors in Latvia

In September 2022, for the fourth consequent month, business confidence indicators are negative in all business sectors, according to data published on September 30 by the Central Statistical Bureau (CSB).

Data from business tendency surveys show that, compared to August, indicators in construction, services sector and manufacturing continue to reduce, but in retail trade business environment has slightly improved.

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 September 2022 confidence indicator in retail trade, according to seasonally adjusted data, comprised - 1.9. As compared to August, this indicator has risen by 1.0 percentage points. With the onset of autumn, the deterioration of the business environment is typical in retail trade, therefore, according to seasonally unadjusted data, compared to August, the confidence indicator in retail trade of food products has fallen by 2.9 percentage points, reaching a value of -2.6, but in retail trade of non-food products, reducing by 2.8 percentage points, the indicator has dropped to 3.5. Business environment in retail trade of fuel has worsened significantly in September.

In the services sector, the seasonally adjusted confidence indicator in September 2022 was negative (-3.4) and the business environment of entrepreneurs has worsened by 3.0 percentage points, compared to August. As usual, indicators of the environment differ significantly in various services sectors, and also trends of their changes differ depending on the specificities of the sector and seasonal impact.

According to seasonally adjusted data, in September confidence indicator in construction comprised -17.2, which is an decrease of 1.6 percentage points as compared to the previous month and the lowest since February 2021.

According to seasonally adjusted data, in September confidence indicator in manufacturing comprised -8.4 (drop of 2.7 percentage points, compared to August). According to seasonally unadjusted data, compared to the previous month, confidence indicators have worsened significantly in two largest by share manufacturing sectors – manufacture of wood and of products of wood and cork (of 3.7 percentage points) and manufacture of food (3.5 percentage points). 

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In September 2022 economic sentiment indicator comprised 90.8, (93.9 – in the previous month).

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