Business tendency, October 2025
Confidence up in retail trade and services
Confidence in retail trade and services increased in October, while in manufacturing and construction it decreased. As regards main limiting factors, uncertain economic conditions were stated in manufacturing, competition in retail trade, and lack of skilled labour in construction and in services.
In manufacturing
The confidence indicator was 1 percentage point (p.p.) lower at the monthly level and 3 p.p. higher at the annual level. Compared to the long-term average, it was 6 p.p. lower.
The stock of finished productions indicator deteriorated by 1 p.p., while the order books indicator and the expected production indicator remained unchanged.
The labour hoarding indicator was the same at the annual level and as the long-term average, but 2 p.p. higher at the monthly level.
The following factors most often limited activity: uncertain economic conditions (39% of enterprises, 1 p.p. more than in October 2024), insufficient foreign demand (34%, 1 p.p. more) and insufficient domestic demand (34%, 2 p.p. more).
The current capacity indicator was 81.8%, 0.7 p.p. lower than in July this year. The assessment of current production capacities indicator decreased by 1 p.p., while the new orders indicator increased by 3 p.p. Assessment of the competitive position deteriorated both on EU markets (by 4 p.p.) and on non-EU markets (by 6 p.p.).
In retail trade
The confidence indicator increased in all three comparisons: at the monthly level by 5 p.p., at the annual level by 7 p.p. and compared to the long-term average by 1 p.p.
The monthly improvement was contributed by the sales and volume of stocks indicators – the former by 29 p.p. and the latter by 16 p.p.
The labour hoarding indicator decreased by 5 p.p. at the monthly level and was 4 p.p. below the long-term average. On the other hand, it was 1 p.p. higher at the annual level.
The following factors most often limited activity: competition in the sector (45% of enterprises, 1 p.p. more than in October 2024), high labour costs (38%, 1 p.p. fewer) and insufficient demand (25%, 2 p.p. more).
In construction
The confidence indicator was 3 p.p. lower than in the previous month. At the annual level, it was higher by 4 p.p. and was 17 p.p. above the long-term average.
The monthly decrease was influenced by both components of the confidence indicator – the employment expectations and the overall order books (the former was lower by 5 p.p. and the latter by 1 p.p.).
The labour hoarding indicator was the same at the monthly level, 3 p.p. lower at the annual level and 10 p.p. below the long-term average.
The largest share, 52%, of the enterprises reported shortage of skilled labour as the main limiting factor in their activities (4 p.p. more year-on-year), followed by high cost of labour (37%, 3 p.p. more) and high cost of material (30%, the same as in October last year).
In services
The confidence indicator was 3 p.p. higher at both the monthly and annual levels, and 8 p.p. higher than the long-term average.
The business situation indicator improved the most significantly (by 8 p.p.), while no major changes were detected in the other indicators.
The labour hoarding indicator was lower in all three comparisons: by 2 p.p. at the monthly level, by 1 p.p. at the annual level and by 2 p.p. compared to the long-term average.
Most often activities were limited by labour shortages (35%, 2 p.p. more than in October 2024) and insufficient demand (31%, 1 p.p. more). Almost a third (31%) of enterprises operated without restrictions (3 p.p. more).
Tables with the latest data are available in the SiStat Database.
The confidence indicator was 1 percentage point (p.p.) lower at the monthly level and 3 p.p. higher at the annual level. Compared to the long-term average, it was 6 p.p. lower.
The stock of finished productions indicator deteriorated by 1 p.p., while the order books indicator and the expected production indicator remained unchanged.
The labour hoarding indicator was the same at the annual level and as the long-term average, but 2 p.p. higher at the monthly level.
The following factors most often limited activity: uncertain economic conditions (39% of enterprises, 1 p.p. more than in October 2024), insufficient foreign demand (34%, 1 p.p. more) and insufficient domestic demand (34%, 2 p.p. more).
The current capacity indicator was 81.8%, 0.7 p.p. lower than in July this year. The assessment of current production capacities indicator decreased by 1 p.p., while the new orders indicator increased by 3 p.p. Assessment of the competitive position deteriorated both on EU markets (by 4 p.p.) and on non-EU markets (by 6 p.p.).
In retail trade
The confidence indicator increased in all three comparisons: at the monthly level by 5 p.p., at the annual level by 7 p.p. and compared to the long-term average by 1 p.p.
The monthly improvement was contributed by the sales and volume of stocks indicators – the former by 29 p.p. and the latter by 16 p.p.
The labour hoarding indicator decreased by 5 p.p. at the monthly level and was 4 p.p. below the long-term average. On the other hand, it was 1 p.p. higher at the annual level.
The following factors most often limited activity: competition in the sector (45% of enterprises, 1 p.p. more than in October 2024), high labour costs (38%, 1 p.p. fewer) and insufficient demand (25%, 2 p.p. more).
In construction
The confidence indicator was 3 p.p. lower than in the previous month. At the annual level, it was higher by 4 p.p. and was 17 p.p. above the long-term average.
The monthly decrease was influenced by both components of the confidence indicator – the employment expectations and the overall order books (the former was lower by 5 p.p. and the latter by 1 p.p.).
The labour hoarding indicator was the same at the monthly level, 3 p.p. lower at the annual level and 10 p.p. below the long-term average.
The largest share, 52%, of the enterprises reported shortage of skilled labour as the main limiting factor in their activities (4 p.p. more year-on-year), followed by high cost of labour (37%, 3 p.p. more) and high cost of material (30%, the same as in October last year).
In services
The confidence indicator was 3 p.p. higher at both the monthly and annual levels, and 8 p.p. higher than the long-term average.
The business situation indicator improved the most significantly (by 8 p.p.), while no major changes were detected in the other indicators.
The labour hoarding indicator was lower in all three comparisons: by 2 p.p. at the monthly level, by 1 p.p. at the annual level and by 2 p.p. compared to the long-term average.
Most often activities were limited by labour shortages (35%, 2 p.p. more than in October 2024) and insufficient demand (31%, 1 p.p. more). Almost a third (31%) of enterprises operated without restrictions (3 p.p. more).
Tables with the latest data are available in the SiStat Database.
Monthly changes in the value of confidence indicators, Slovenia, October 2025
METODOLOŠKO OPOZORILO
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.
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Več: Avtorske pravice.
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