Business tendency, April 2025
Confidence slightly up, except in trade
Confidence in manufacturing, services and construction increased in April, while in retail trade it decreased. In manufacturing, enterprises will invest more in land, building and infrastructure and in intangible assets.
Confidence in manufacturing slightly up
The confidence indicator went up by 1 percentage point (p.p.) at the monthly and the annual level. Compared to the long-term average, it was 7 p.p. lower.
The confidence indicator was influenced by the higher expected production indicator (by 3 p.p.) and the lower overall orders books indicator (by 2 p.p.), while the stock of finished productions indicator remained unchanged.
The labour hoarding indicator remained the same in all three comparisons.
The following factors most often limited activity: uncertain economic conditions (40% of enterprises, 10 p.p. more than in April 2024), insufficient foreign demand (35%, 2 p.p. more) and insufficient domestic demand (32%, 3 p.p. more).
The current capacity indicator was 81.3%, 0.6 p.p. higher than in January this year. The assessment of current production capacities indicator decreased by 4 p.p., while the new orders indicator increased by 6 p.p. Assessment of the competitive position improved on the domestic market (by 1 p.p.), on EU markets (by 7 p.p.) and on non-EU markets (by 4 p.p.).
Investments in manufacturing
36% of enterprises reported that investments increased last year compared to two years ago and 24% that they decreased. Investment was lower in land, building and infrastructure, and in machinery and equipment, and equal in intangible assets.
For this year, 29% of enterprises expect that investments will increase and 25% that they will decrease. This year, there will be more investment than last year in land, building and infrastructure, and in intangible assets and less in machinery and equipment.
In retail trade decline
The value of the confidence indicator decreased this time in all three comparisons: at the monthly level by 21 p.p., at the annual level by 14 p.p., and compared to the long-term average by 7 p.p.
The decline in this indicator was contributed by the deterioration of the sales indicator (lower by 40 p.p.) and the volume of stocks (higher by 30 p.p.), while the expected sales indicator had a positive impact (higher by 9 p.p.).
The labour hoarding indicator decreased by 1 p.p. at the monthly level and was the same at the annual level. Compared to the long-term average it was 2 p.p. lower.
The following factors most often limited activity: competition in the sector (47% of enterprises, 2 p.p. more than in April 2024), high labour costs (40%, 1 p.p. fewer) and insufficient demand (24%, 3 p.p. more).
In construction slight improvement
The confidence indicator was 1 p.p. higher than in the previous month, 7 p.p. higher than in April 2024 and 18 p.p. above the long-term average.
The employment expectation indicator improved by 3 p.p., while the overall order books indicator deteriorated by 1 p.p.
The labour hording indicator was higher at the monthly and annual level (by 2 p.p., each), while compared to the long-term average it was lower by 7 p.p.
The largest share, 47%, of the enterprises reported shortage of skilled labour as the main limiting factor in their activities (1 p.p. fewer than in April 2024). This was followed by high cost of labour (38%, 1 p.p. fewer) and high cost of material (33%, 5 p.p. fewer).
In services also slightly higher
The value of the confidence indicator increased in all three comparisons: at the monthly level by 1 p.p., at the annual also by 1 p.p., and compared to the long-term average by 9 p.p.
The improvement in the indicator was influenced by the business situation and expected demand indicators, which were higher by 2 and 4 p.p., respectively, while the demand indicator deteriorated by 2 p.p.
The labour hoarding indicator was the same at the monthly and annual level and compared to the long-term average 1 p.p. lower.
Most often activities were limited by labour shortages (35%, 2 p.p. fewer than in April 2024) and insufficient demand (29%, 1 p.p. more). 30% of enterprises operated without restrictions (1 p.p. fewer).
Investments in service
28% of enterprises reported that investments increased last year compared to two years ago and 15% that they were lower. Investments in intangible assets were higher, while in machinery and equipment, and in land, building and infrastructure they were lower.
For this year, 24% of enterprises predict that investments will be higher and 11% that they will be lower. There will be lower investments in machinery and equipment, and in intangible assets. Investments in land, building and infrastructure will be the same as last year.
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 and the annual level. Compared to the long-term average, it was 7 p.p. lower.
The confidence indicator was influenced by the higher expected production indicator (by 3 p.p.) and the lower overall orders books indicator (by 2 p.p.), while the stock of finished productions indicator remained unchanged.
The labour hoarding indicator remained the same in all three comparisons.
The following factors most often limited activity: uncertain economic conditions (40% of enterprises, 10 p.p. more than in April 2024), insufficient foreign demand (35%, 2 p.p. more) and insufficient domestic demand (32%, 3 p.p. more).
The current capacity indicator was 81.3%, 0.6 p.p. higher than in January this year. The assessment of current production capacities indicator decreased by 4 p.p., while the new orders indicator increased by 6 p.p. Assessment of the competitive position improved on the domestic market (by 1 p.p.), on EU markets (by 7 p.p.) and on non-EU markets (by 4 p.p.).
Investments in manufacturing
36% of enterprises reported that investments increased last year compared to two years ago and 24% that they decreased. Investment was lower in land, building and infrastructure, and in machinery and equipment, and equal in intangible assets.
For this year, 29% of enterprises expect that investments will increase and 25% that they will decrease. This year, there will be more investment than last year in land, building and infrastructure, and in intangible assets and less in machinery and equipment.
In retail trade decline
The value of the confidence indicator decreased this time in all three comparisons: at the monthly level by 21 p.p., at the annual level by 14 p.p., and compared to the long-term average by 7 p.p.
The decline in this indicator was contributed by the deterioration of the sales indicator (lower by 40 p.p.) and the volume of stocks (higher by 30 p.p.), while the expected sales indicator had a positive impact (higher by 9 p.p.).
The labour hoarding indicator decreased by 1 p.p. at the monthly level and was the same at the annual level. Compared to the long-term average it was 2 p.p. lower.
The following factors most often limited activity: competition in the sector (47% of enterprises, 2 p.p. more than in April 2024), high labour costs (40%, 1 p.p. fewer) and insufficient demand (24%, 3 p.p. more).
In construction slight improvement
The confidence indicator was 1 p.p. higher than in the previous month, 7 p.p. higher than in April 2024 and 18 p.p. above the long-term average.
The employment expectation indicator improved by 3 p.p., while the overall order books indicator deteriorated by 1 p.p.
The labour hording indicator was higher at the monthly and annual level (by 2 p.p., each), while compared to the long-term average it was lower by 7 p.p.
The largest share, 47%, of the enterprises reported shortage of skilled labour as the main limiting factor in their activities (1 p.p. fewer than in April 2024). This was followed by high cost of labour (38%, 1 p.p. fewer) and high cost of material (33%, 5 p.p. fewer).
In services also slightly higher
The value of the confidence indicator increased in all three comparisons: at the monthly level by 1 p.p., at the annual also by 1 p.p., and compared to the long-term average by 9 p.p.
The improvement in the indicator was influenced by the business situation and expected demand indicators, which were higher by 2 and 4 p.p., respectively, while the demand indicator deteriorated by 2 p.p.
The labour hoarding indicator was the same at the monthly and annual level and compared to the long-term average 1 p.p. lower.
Most often activities were limited by labour shortages (35%, 2 p.p. fewer than in April 2024) and insufficient demand (29%, 1 p.p. more). 30% of enterprises operated without restrictions (1 p.p. fewer).
Investments in service
28% of enterprises reported that investments increased last year compared to two years ago and 15% that they were lower. Investments in intangible assets were higher, while in machinery and equipment, and in land, building and infrastructure they were lower.
For this year, 24% of enterprises predict that investments will be higher and 11% that they will be lower. There will be lower investments in machinery and equipment, and in intangible assets. Investments in land, building and infrastructure will be the same as last year.
Tables with the latest data are available in the SiStat Database.
Monthly changes in the value of confidence indicators, Slovenia, April 2025
METHODOLOGICAL NOTE
In line with the decision to terminate the monitoring of certain indicators, adopted at the level of EU Member States in the harmonised EU programme of business and consumer surveys, in May 2025 we plan to stop monitoring the following indicators.
In the area of manufacturing, we will no longer monitor the indicators assured production, expected export order books and competitive position on the domestic market, in the area of services, the employment indicator, and in the area of construction, the assured work in hand indicator.
Data are seasonally and calendar adjusted.
During the transition period after SKD 2025 (NACE Rev. 2.1) entering into force, statistical data will still be collected and published according to SKD 2008 (NACE Rev. 2). The transition periods will vary depending on the individual surveys.
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.
In the area of manufacturing, we will no longer monitor the indicators assured production, expected export order books and competitive position on the domestic market, in the area of services, the employment indicator, and in the area of construction, the assured work in hand indicator.
Data are seasonally and calendar adjusted.
During the transition period after SKD 2025 (NACE Rev. 2.1) entering into force, statistical data will still be collected and published according to SKD 2008 (NACE Rev. 2). The transition periods will vary depending on the individual surveys.
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.
