Current Economic Trends
Current Economic Trends from 23 to 26 April 2019: turnover in trade, nominal turnover in market services and economic sentiment indicator
The situation in the service part of the economy at the beginning of the year is favourable. Turnover in trade is rising; accelerated turnover growth also continues in most market services. The outlook for trade and service activities remains favourable, despite a deterioration in the last month.
Turnover in trade continued to rise at the beginning of the year. In the first two months, turnover increased in most sectors and was more than one tenth higher year on year. The good results were attributable to growth in household consumption (particularly in durable and some semi-durable goods) and high demand in sectors related to wholesale trade (manufacturing, transportation and construction).
Turnover growth in market services accelerated in February. Amid higher spending by domestic and foreign tourists, significantly stronger growth was recorded in accommodation and food service activities. The growth of turnover in computer and road transport services arose mainly from exports of these services. Turnover in employment services, the main driver of turnover growth in administrative and support service activities, strengthened again after several months of stagnation. Turnover in professional and technical activities maintained its high level from the second half of last year.
Economic sentiment deteriorated at the beginning of the second quarter. This was mainly due to a further decline of confidence in manufacturing, with expectations regarding export demand and production volume dropping in particular. Confidence also declined in most other activities, being lower year on year not only in manufacturing, but also in construction. Consumer confidence is also lower than in the same period of last year; particularly consumer expectations about the economic situation have been deteriorating in the last months.