Economic sentiment improved at the monthly level and deteriorated at the annual level. It remains well above the long-term average.
Improved economic sentiment at the monthly level
In July 2019 the value of the sentiment indicator (at 6.9 percentage points – p.p.) increased by 1.4 p.p. compared to June (at 5.5 p.p.).
The monthly increase in the sentiment indicator was influenced by the manufacturing confidence indicator (by 1.4 p.p.), while the confidence indicators in other sectors of the economy did not have any substantial influence.
Sentiment indicator deteriorated at the annual level
The sentiment indicator decreased by 3.7 p.p. at the annual level.
This decrease was influenced mostly by the manufacturing confidence indicator (by 2.1 p.p.), while other confidence indicators had a more marginal influence. Confidence indicators in services, construction and among consumers also had a negative influence (by 0.7, 0.7 and 0.6 p.p., respectively), while the confidence indicator in retail trade had a positive influence (by 0.3 p.p.).