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In November 2019 the economic sentiment declined for the fourth consecutive month and almost fell to the long-term average.
Decline at the monthly level continues
The value of the sentiment indicator in November 2019 (at 2.4 percentage points – p.p.) decreased by 1.7 p.p. compared to October (at 4.1 p.p.). Since January the value has dropped by 9.7 p.p. and remained only slightly above the long-term average (by 2.7 p.p.). Economic sentiment has not been this negative since the end of 2014.
The monthly decrease was influenced by confidence indicators in manufacturing (by 0.7 p.p.), in retail trade (by 0.7 p.p.) and among consumers (by 0.5 p.p.). The services confidence indicator had a marginally positive influence (by 0.1 p.p.), while the construction confidence indicator had no influence on the monthly change of the sentiment indicator.
Significant deterioration at the annual level
In November 2019 the sentiment indicator decreased by 7.6 p.p. over November 2018.
The annual decline was influenced mostly by the manufacturing confidence indicator (by 3.9 p.p.). All other confidence indicators also had a negative influence; among consumers by 1.7 p.p., in services by 0.9 p.p., in construction by 0.8 p.p. and in retail trade by 0.3 p.p.