In May 2023, the total business climate indicator increased by 4 percentage points compared to April, a growth being registered in all observed sectors: industry, construction, retail trade, and services, the National Statistical Institute reported. The indicator has been stable or slightly increasing in the months of 2023.
In industry, the composite business climate indicator increased by 1.9 percentage points in May as a result of entrepreneurs’ positive assessments about the business situation of enterprises and the improved expectations of production activity in the next three months.
In construction, the composite business climate indicator went up by 8.4 percentage points because of construction entrepreneurs’ optimistic assessments and expectations about the business situation of enterprises. Their opinions of the present construction activity and the one in the next three months are also positive. The main obstacles to business development continue to be related to the insecure economic environment, the prices of materials and the workforce shortage, but the negative impact of the first two factors decreased in May.
In retail trade, the composite business climate indicator increased by 4.7 percentage points as a result of the improved retail traders’ assessments and expectations about the business situation of enterprises. Also more positive are their forecasts for the volume of sales and orders to suppliers in the next three months.
In the services sector, the composite business climate indicator went up by 3.2 percentage points because of the managers’ favourable assessments and expectations about the business situation of enterprises. They consider the current trend in demand for services as slightly improved and have optimistic expectations for the next three months. Compared to April, the share of managers expecting sales prices to increase in the next three months, went up.