Business tendency, November 2024
More confidence in retail trade and construction
In retail trade and construction confidence improved, while in services and manufacturing it was at the same monthly level. Manufacturing enterprises invest the most in the replacement of worn-out buildings or equipment, and were encouraged to do so by technical factors and demand.
Confidence in construction higher at the monthly level
The confidence indicator was 4 p.p. higher than in the previous month, did not change at the annual level, and was 19 p.p. above the long-term average.
The monthly increase was influenced the most by the overall order books indicator (up by 7 p.p.), while the employment expectations remained unchanged.
The labour hoarding indicator was lower at the monthly and annual level by 2 p.p. and compared to the long-term average by 10 p.p.
Confidence in manufacturing the same
The value of the confidence indicator was the same at the monthly as well as the annual level. Compared to the long-term average it was 8 p.p. lower.
All three components of the confidence indicator remained unchanged compared to the previous month.
The labour hoarding indicator was the same at the monthly level, higher at the annual level (by 2 p.p.) and compared to the long-term average (by 1 p.p.).
Investment in manufacturing
In November, 26% of enterprises reported that investments increased this year compared to the previous year and 27% that they decreased, while 24% reported that investments will increase next year and 21% that they will decrease.
Regarding investments, directors reported that this year they invested the most in the replacement of worn-out buildings or equipment (73% of enterprises, by 1 p.p. more than last year), followed by process rationalization (28%, by 5 p.p. more), capacity expansion (27%, by 3 p.p. fewer) and other (13%, by 5 p.p. fewer). For 2025, similarly to this year, they plan to invest the most in the replacement of worn-out buildings or equipment (71% of enterprises), followed by process rationalization (31%), capacity expansion (26%), and other (12%).
60% of enterprises believe that this year's investments were influenced by technical factors (by 1 p.p. fewer than last year), 32% that investment is driven by demand (the same as last year), 21% by other factors (by 1 p.p. more), and 14% by financial conditions (by 1 p.p. fewer). For next year, investments will also be encouraged the most by technical factors, which was reported by 59% of enterprises, followed by demand (36%), other factors (21%) and financial conditions (19%).
In services also the same at the monthly level
The confidence was the same at the monthly level, but 3 p.p. higher at the annual level. The value of the indicator was 7 p.p. higher than the long-term average.
There were no major changes in the other observed indicators either, with the exception of a slightly higher employment indicator and expected sales prices indicator (by 2 p.p. each) and a lower expected employment indicator (by 3 p.p.).
The labour hoarding indicator was the same at the monthly level and lower at the annual level (by 4 p.p.). Compared to the long-term average, it was also lower (by 3 p.p.).
Investment in services
20% of enterprises in services reported that investments in 2024 were higher than in 2023, and 13% that they were lower. For 2025, 24% of enterprises anticipate that investments will be higher than this year, and 8% that they will be lower.
Compared to last year, the most significant increase was recorded in the investment in the replacement of worn-out buildings or equipment (by 5 p.p.), which was reported by 87% of enterprises. This was followed by investment in capacity expansion with 22% (5 p.p. fewer), process rationalization with 9% (5 p.p. fewer) and other with 2% (3 p.p. fewer). For next year, 85% of enterprises plan to invest in the replacement of worn-out buildings or equipment, 26% in capacity expansion, 12% in process rationalization and 4% in other.
60% of enterprises believe that investments were driven by technical factors, which was 1 p.p. more than last year. In 24% of enterprises (the same as in 2023) investment was driven by demand, in 21% by financial conditions (up by 2 p.p.) and in 15% by other factors (down by 2 p.p.). For next year, investments will also be encouraged the most by technical factors, which was reported by 58% of enterprises, followed by demand (26%), financial conditions (25%) and other factors (17%).
Largest growth in retail trade
The value of the confidence indicator was higher in all three comparisons: at the monthly level by 16 p.p., at the annual level by 19 p.p., and compared to the long-term average by 9 p.p.
The monthly change in the indicator was influenced the most by the improvement of the expected sales indicator (by 22 p.p.) and the volume of stocks indicator (by 28 p.p.).
The labour hoarding indicator increased at the monthly level by 2 p.p., at the annual level it was lower by 8 p.p. and it was 3 p.p. below the long-term average.
Tables with the latest data are available in the SiStat Database.
The confidence indicator was 4 p.p. higher than in the previous month, did not change at the annual level, and was 19 p.p. above the long-term average.
The monthly increase was influenced the most by the overall order books indicator (up by 7 p.p.), while the employment expectations remained unchanged.
The labour hoarding indicator was lower at the monthly and annual level by 2 p.p. and compared to the long-term average by 10 p.p.
Confidence in manufacturing the same
The value of the confidence indicator was the same at the monthly as well as the annual level. Compared to the long-term average it was 8 p.p. lower.
All three components of the confidence indicator remained unchanged compared to the previous month.
The labour hoarding indicator was the same at the monthly level, higher at the annual level (by 2 p.p.) and compared to the long-term average (by 1 p.p.).
Investment in manufacturing
In November, 26% of enterprises reported that investments increased this year compared to the previous year and 27% that they decreased, while 24% reported that investments will increase next year and 21% that they will decrease.
Regarding investments, directors reported that this year they invested the most in the replacement of worn-out buildings or equipment (73% of enterprises, by 1 p.p. more than last year), followed by process rationalization (28%, by 5 p.p. more), capacity expansion (27%, by 3 p.p. fewer) and other (13%, by 5 p.p. fewer). For 2025, similarly to this year, they plan to invest the most in the replacement of worn-out buildings or equipment (71% of enterprises), followed by process rationalization (31%), capacity expansion (26%), and other (12%).
60% of enterprises believe that this year's investments were influenced by technical factors (by 1 p.p. fewer than last year), 32% that investment is driven by demand (the same as last year), 21% by other factors (by 1 p.p. more), and 14% by financial conditions (by 1 p.p. fewer). For next year, investments will also be encouraged the most by technical factors, which was reported by 59% of enterprises, followed by demand (36%), other factors (21%) and financial conditions (19%).
In services also the same at the monthly level
The confidence was the same at the monthly level, but 3 p.p. higher at the annual level. The value of the indicator was 7 p.p. higher than the long-term average.
There were no major changes in the other observed indicators either, with the exception of a slightly higher employment indicator and expected sales prices indicator (by 2 p.p. each) and a lower expected employment indicator (by 3 p.p.).
The labour hoarding indicator was the same at the monthly level and lower at the annual level (by 4 p.p.). Compared to the long-term average, it was also lower (by 3 p.p.).
Investment in services
20% of enterprises in services reported that investments in 2024 were higher than in 2023, and 13% that they were lower. For 2025, 24% of enterprises anticipate that investments will be higher than this year, and 8% that they will be lower.
Compared to last year, the most significant increase was recorded in the investment in the replacement of worn-out buildings or equipment (by 5 p.p.), which was reported by 87% of enterprises. This was followed by investment in capacity expansion with 22% (5 p.p. fewer), process rationalization with 9% (5 p.p. fewer) and other with 2% (3 p.p. fewer). For next year, 85% of enterprises plan to invest in the replacement of worn-out buildings or equipment, 26% in capacity expansion, 12% in process rationalization and 4% in other.
60% of enterprises believe that investments were driven by technical factors, which was 1 p.p. more than last year. In 24% of enterprises (the same as in 2023) investment was driven by demand, in 21% by financial conditions (up by 2 p.p.) and in 15% by other factors (down by 2 p.p.). For next year, investments will also be encouraged the most by technical factors, which was reported by 58% of enterprises, followed by demand (26%), financial conditions (25%) and other factors (17%).
Largest growth in retail trade
The value of the confidence indicator was higher in all three comparisons: at the monthly level by 16 p.p., at the annual level by 19 p.p., and compared to the long-term average by 9 p.p.
The monthly change in the indicator was influenced the most by the improvement of the expected sales indicator (by 22 p.p.) and the volume of stocks indicator (by 28 p.p.).
The labour hoarding indicator increased at the monthly level by 2 p.p., at the annual level it was lower by 8 p.p. and it was 3 p.p. below the long-term average.
Tables with the latest data are available in the SiStat Database.
Monthly changes in the value of confidence indicators, Slovenia, November 2024
METHODOLOGICAL NOTE
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.
When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright.
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