Business tendency, January 2025
Confidence similar to December
In all four economic sectors, the confidence indicator was quite similar to December. As regards main limiting factors, uncertain economic conditions were stated in manufacturing, competition in retail trade, lack of skilled labour in construction and insufficient demand in services.
Confidence in manufacturing slightly better
The confidence indicator went up by 1 percentage point (p.p.) at the monthly level. At the annual level, it was the same and 7 p.p. below the long-term average.
Improvement in the confidence indicator at the monthly level was influenced by the overall order books and stock of finished products indicators (the former by 3 p.p. and the latter by 2 p.p.), while the expected production indicator worsened by 4 p.p.
The labour hoarding indicator was higher at the monthly level by 1 p.p., but lower at the annual level and compared to the long-term average (by 2 p.p., each).
The following factors most often limited activity: uncertain economic conditions (38% of enterprises, 7 p.p. more than in January 2024), insufficient foreign demand (also 38%, 4 p.p. more) and insufficient domestic demand (34%, the same as last January).
The current capacity indicator was 80.7%, 0.2 p.p. lower than in October 2024. The assessment of current production capacities indicator increased by 5 p.p., while the new orders indicator remained unchanged. Assessment of the competitive position went up on the domestic market by 5 p.p., whereas on EU markets as well as on non-EU markets it deteriorated by 2 p.p. each.
In construction also slight improvement
The confidence indicator was 1 p.p. higher than in the previous month, 8 p.p. lower than in January 2024, but 11 p.p. above the long-term average.
The overall order books indicator improved by 4 p.p., while the employment expectation indicator deteriorated by 2 p.p.
The labour hoarding indicator was lower at the monthly level and compared to the long-term average (the former by 1 p.p. and the latter by 7 p.p.), while at the annual level it was 3 p.p. higher.
The largest share, 43%, of the enterprises reported shortage of skilled labour as the main limiting factor in their activities (1 p.p. fewer than in January 2024). This was followed by high cost of labour (37%, the same as last January) and high cost of material (31%, 5 p.p. fewer).
... and in services
After being at the same level for three consecutive months, from October to December, this month confidence improved slightly, by 1 p.p. The value of this indicator was 2 p.p. higher at the annual level and 7 p.p. above the long-term average.
The business situation and expected demand indicators increased by 2 and 1 p.p., respectively, while the demand indicator had no impact (the same as in December).
The labour hoarding indicator decreased in all three comparisons: at the monthly level by 1 p.p., at the annual level by 6 p.p., and compared to the long-term average by 2 p.p.
Activities were most often limited by insufficient demand (34%, 8 p.p. more than in January last year) and labour shortage (29%, 4 p.p. fewer). 30% of enterprises operated without restrictions (the same).
In retail trade slightly worse
The confidence indicator was 1 p.p. lower at the monthly level, 5 p.p. higher at the annual level and 8 p.p. above the long-term average.
The sales indicator decreased by 5 p.p., the expected sales indicator increased by 27 p.p., while the volume of stocks deteriorated by the same number of points (by 27 p.p.), thus cancelling out the impact of both indicators on the confidence indicator.
The labour hoarding indicator decreased at the monthly level by 6 p.p. and at the annual level by 5 p.p. Compared to the long-term average, it was also lower (by 3 p.p.).
Competition in the sector is still the most common factor limiting retail trade. It was stated by 44% of enterprises (the same as last January). This is followed by high labour costs (39%, 2 p.p. more) and insufficient demand (25%, 2 p.p. more).
Tables with the latest data are available in the SiStat Database.
The confidence indicator went up by 1 percentage point (p.p.) at the monthly level. At the annual level, it was the same and 7 p.p. below the long-term average.
Improvement in the confidence indicator at the monthly level was influenced by the overall order books and stock of finished products indicators (the former by 3 p.p. and the latter by 2 p.p.), while the expected production indicator worsened by 4 p.p.
The labour hoarding indicator was higher at the monthly level by 1 p.p., but lower at the annual level and compared to the long-term average (by 2 p.p., each).
The following factors most often limited activity: uncertain economic conditions (38% of enterprises, 7 p.p. more than in January 2024), insufficient foreign demand (also 38%, 4 p.p. more) and insufficient domestic demand (34%, the same as last January).
The current capacity indicator was 80.7%, 0.2 p.p. lower than in October 2024. The assessment of current production capacities indicator increased by 5 p.p., while the new orders indicator remained unchanged. Assessment of the competitive position went up on the domestic market by 5 p.p., whereas on EU markets as well as on non-EU markets it deteriorated by 2 p.p. each.
In construction also slight improvement
The confidence indicator was 1 p.p. higher than in the previous month, 8 p.p. lower than in January 2024, but 11 p.p. above the long-term average.
The overall order books indicator improved by 4 p.p., while the employment expectation indicator deteriorated by 2 p.p.
The labour hoarding indicator was lower at the monthly level and compared to the long-term average (the former by 1 p.p. and the latter by 7 p.p.), while at the annual level it was 3 p.p. higher.
The largest share, 43%, of the enterprises reported shortage of skilled labour as the main limiting factor in their activities (1 p.p. fewer than in January 2024). This was followed by high cost of labour (37%, the same as last January) and high cost of material (31%, 5 p.p. fewer).
... and in services
After being at the same level for three consecutive months, from October to December, this month confidence improved slightly, by 1 p.p. The value of this indicator was 2 p.p. higher at the annual level and 7 p.p. above the long-term average.
The business situation and expected demand indicators increased by 2 and 1 p.p., respectively, while the demand indicator had no impact (the same as in December).
The labour hoarding indicator decreased in all three comparisons: at the monthly level by 1 p.p., at the annual level by 6 p.p., and compared to the long-term average by 2 p.p.
Activities were most often limited by insufficient demand (34%, 8 p.p. more than in January last year) and labour shortage (29%, 4 p.p. fewer). 30% of enterprises operated without restrictions (the same).
In retail trade slightly worse
The confidence indicator was 1 p.p. lower at the monthly level, 5 p.p. higher at the annual level and 8 p.p. above the long-term average.
The sales indicator decreased by 5 p.p., the expected sales indicator increased by 27 p.p., while the volume of stocks deteriorated by the same number of points (by 27 p.p.), thus cancelling out the impact of both indicators on the confidence indicator.
The labour hoarding indicator decreased at the monthly level by 6 p.p. and at the annual level by 5 p.p. Compared to the long-term average, it was also lower (by 3 p.p.).
Competition in the sector is still the most common factor limiting retail trade. It was stated by 44% of enterprises (the same as last January). This is followed by high labour costs (39%, 2 p.p. more) and insufficient demand (25%, 2 p.p. more).
Tables with the latest data are available in the SiStat Database.
Monthly changes in the value of confidence indicators, Slovenia, January 2025
METODOLOŠKO OPOZORILO
Data are seasonally adjusted.
Additional explanations are available in the methodological explanations.
The business surveys are co-financed by the European Commission. However, the European Commission accepts no responsibility or liability whatsoever with regard to the material published in this document.
Additional explanations are available in the methodological explanations.
The business surveys are co-financed by the European Commission. However, the European Commission accepts no responsibility or liability whatsoever with regard to the material published in this document.
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Več: Avtorske pravice.
Več: Avtorske pravice.
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