Business tendency, November 2025
Improved confidence only in construction
In November, confidence was higher only in construction, remained the same in manufacturing, and was lower in retail trade and services. Manufacturing enterprises invested the most in the replacement of worn-out buildings or equipment, and were encouraged to do so by technical factors and demand.
In manufacturing
The confidence indicator was the same at the monthly level, 4 percentage points (p.p.) higher at the annual level and 5 p.p. below the long-term average.
The expected production indicator improved by 2 p.p., while the order books indicator and the stock of finished productions indicator remained unchanged.
The labour hoarding indicator decreased in all three comparisons: at the monthly level by 2 p.p., at the annual level by 4 p.p., and compared to the long-term average by 2 p.p.
Investment in manufacturing
In November, almost a fifth (19%) of enterprises reported that their investments increased this year compared to the previous year and 28% that they decreased, while 23% anticipate that investments will increase next year and 18% that they will decrease.
Regarding investments, directors reported that this year they invested the most in the replacement of worn-out buildings or equipment (72% of enterprises, by 1 p.p. fewer than last year), followed by capacity expansion (29%, by 2 p.p. more), process rationalization (26%, by 2 p.p. fewer) and other (11%, by 2 p.p. fewer). For 2026, similarly to this year, they plan to invest the most in the replacement of worn-out buildings or equipment (68% of enterprises), followed by process rationalization (32%), capacity expansion (27%) and other (11%).
The largest share (58%) of enterprises believe that this year's investments were influenced by technical factors (by 2 p.p. fewer than last year), 30% by demand (by 2 p.p. fewer), 19% by other factors (by 2 p.p. fewer) and 17% by financial conditions (by 3 p.p. more). For next year, investments will also be encouraged the most by technical factors, which was reported by 61% of enterprises, followed by demand (36%), financial conditions (19%) and other factors (17%).
In retail trade
The confidence indicator decreased by 1 p.p. at the monthly level, by 8 p.p. at the annual level and was equal to the long-term average.
The sales indicator decreased by 15 p.p., while expected sales increased by 14 p.p. This means that sales have deteriorated at the moment, but are expected to increase in the coming months.
The labour hoarding indicator increased by 1 p.p. at the monthly level, remained the same at the annual level, and was 3 p.p. below the long-term average.
In construction
The confidence indicator was 3 p.p. higher than in the previous month, 5 p.p. higher than a year ago, and 21 p.p. above the long-term average.
The monthly increase was influenced by both indicators: the employment expectations (by 5 p.p.) and the overall order books (by 2 p.p.).
The labour hoarding indicator was lower at the monthly by 2 p.p., at annual level by 3 p.p. and compared to the long-term average by 12 p.p.
In services
The confidence indicator was 2 p.p. lower at the monthly level, remained the same at the annual level, and was 6 p.p. above the long-term average.
The monthly decline was mainly due to the deterioration in the business situation indicator (by 5 p.p.) and demand (by 3 p.p.).
The labour hoarding indicator was the same at the monthly and annual levels, and 2 p.p. below the long-term average.
Investment in services
A fifth (20%) of enterprises in services reported that their investments in 2025 were higher than in 2024, and 15% that they were lower. For 2026, 21% of enterprises anticipate that investments will be higher than this year, and 11% that they will be lower.
The largest investment was in the replacement of worn-out buildings or equipment, reported by 83% of enterprises, but this was 4 p.p. fewer than last year. Shares of enterprises by all other investment types increased: investment in capacity expansion with 27% of enterprises (5 p.p. more), process rationalization with 10% (1 p.p. more) and other with 5% (3 p.p. more). For next year, 81% of enterprises plan to invest in the replacement of worn-out buildings or equipment, 27% in capacity expansion, 14% in process rationalization and 7% in other.
Most (57%) enterprises believe that investments were driven by technical factors, which was 3 p.p. fewer than last year. In 23% of enterprises (down by 1 p.p.) investment was driven by demand, in 27% by financial conditions (up by 6 p.p.) and in 15% by other factors (the same share as in 2024). For next year, investments are also expected to be encouraged the most by technical factors, which was reported by 57% of enterprises, followed by demand (30%), financial conditions (29%) and other factors (15%).
Tables with the latest data are available in the SiStat Database.
The confidence indicator was the same at the monthly level, 4 percentage points (p.p.) higher at the annual level and 5 p.p. below the long-term average.
The expected production indicator improved by 2 p.p., while the order books indicator and the stock of finished productions indicator remained unchanged.
The labour hoarding indicator decreased in all three comparisons: at the monthly level by 2 p.p., at the annual level by 4 p.p., and compared to the long-term average by 2 p.p.
Investment in manufacturing
In November, almost a fifth (19%) of enterprises reported that their investments increased this year compared to the previous year and 28% that they decreased, while 23% anticipate that investments will increase next year and 18% that they will decrease.
Regarding investments, directors reported that this year they invested the most in the replacement of worn-out buildings or equipment (72% of enterprises, by 1 p.p. fewer than last year), followed by capacity expansion (29%, by 2 p.p. more), process rationalization (26%, by 2 p.p. fewer) and other (11%, by 2 p.p. fewer). For 2026, similarly to this year, they plan to invest the most in the replacement of worn-out buildings or equipment (68% of enterprises), followed by process rationalization (32%), capacity expansion (27%) and other (11%).
The largest share (58%) of enterprises believe that this year's investments were influenced by technical factors (by 2 p.p. fewer than last year), 30% by demand (by 2 p.p. fewer), 19% by other factors (by 2 p.p. fewer) and 17% by financial conditions (by 3 p.p. more). For next year, investments will also be encouraged the most by technical factors, which was reported by 61% of enterprises, followed by demand (36%), financial conditions (19%) and other factors (17%).
In retail trade
The confidence indicator decreased by 1 p.p. at the monthly level, by 8 p.p. at the annual level and was equal to the long-term average.
The sales indicator decreased by 15 p.p., while expected sales increased by 14 p.p. This means that sales have deteriorated at the moment, but are expected to increase in the coming months.
The labour hoarding indicator increased by 1 p.p. at the monthly level, remained the same at the annual level, and was 3 p.p. below the long-term average.
In construction
The confidence indicator was 3 p.p. higher than in the previous month, 5 p.p. higher than a year ago, and 21 p.p. above the long-term average.
The monthly increase was influenced by both indicators: the employment expectations (by 5 p.p.) and the overall order books (by 2 p.p.).
The labour hoarding indicator was lower at the monthly by 2 p.p., at annual level by 3 p.p. and compared to the long-term average by 12 p.p.
In services
The confidence indicator was 2 p.p. lower at the monthly level, remained the same at the annual level, and was 6 p.p. above the long-term average.
The monthly decline was mainly due to the deterioration in the business situation indicator (by 5 p.p.) and demand (by 3 p.p.).
The labour hoarding indicator was the same at the monthly and annual levels, and 2 p.p. below the long-term average.
Investment in services
A fifth (20%) of enterprises in services reported that their investments in 2025 were higher than in 2024, and 15% that they were lower. For 2026, 21% of enterprises anticipate that investments will be higher than this year, and 11% that they will be lower.
The largest investment was in the replacement of worn-out buildings or equipment, reported by 83% of enterprises, but this was 4 p.p. fewer than last year. Shares of enterprises by all other investment types increased: investment in capacity expansion with 27% of enterprises (5 p.p. more), process rationalization with 10% (1 p.p. more) and other with 5% (3 p.p. more). For next year, 81% of enterprises plan to invest in the replacement of worn-out buildings or equipment, 27% in capacity expansion, 14% in process rationalization and 7% in other.
Most (57%) enterprises believe that investments were driven by technical factors, which was 3 p.p. fewer than last year. In 23% of enterprises (down by 1 p.p.) investment was driven by demand, in 27% by financial conditions (up by 6 p.p.) and in 15% by other factors (the same share as in 2024). For next year, investments are also expected to be encouraged the most by technical factors, which was reported by 57% of enterprises, followed by demand (30%), financial conditions (29%) and other factors (15%).
Tables with the latest data are available in the SiStat Database.
Monthly changes in the value of confidence indicators, Slovenia, November 2025
METHODOLOGICAL NOTE
The release was prepared based on seasonally and calendar adjusted data, and calendar adjusted data. When comparing the reference month with the previous month/quarter, we use seasonally and calendar adjusted data. When comparing with the same period of the previous year, we use calendar adjusted data.
Time series are directly seasonally adjusted, which means that for every time series its own model is set up. Because the models are not mutually linked, possible links that are present in original data of several time series do not apply for results of seasonal adjustment of these time series.
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.
Time series are directly seasonally adjusted, which means that for every time series its own model is set up. Because the models are not mutually linked, possible links that are present in original data of several time series do not apply for results of seasonal adjustment of these time series.
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.
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