Slovakia Business Morale Moderates in May

The industrial confidence indicator in Slovakia fell by 1.6 points month-on-month to 0.7 in May 2026, following a four-month high of 2.3 in the previous month. Expectations for future production weakened (26 vs 31 in April), primarily in the manufacture of basic pharmaceutical products. Views on stocks of finished products also eased (16 vs 22). At the same time, assessments of current order levels continued to deteriorate (-8 vs -2), reflecting weaker anticipated output in the production of coke and refined petroleum products, as well as the manufacture of other non-metallic products and machinery and equipment n.e.c. Meanwhile, assessments of current industrial production turned positive (2 vs -2), while the employment outlook improved slightly (-1 vs -6). Sentiment toward the current level of export orders remained unchanged at -14.

The industrial confidence indicator in Slovakia rose by 5.6 points month-on-month to 2.3 in April 2026, rebounding from -3.3 in the previous month and remained at its highest level since December 2025. The improvement was mainly driven by a significant increase in expected production (31 vs 9 in March), particularly in the manufacture of motor vehicles, trailers and semi-trailers, and other transport equipment (64 vs 38) and furniture, other manufacturing, and repair and installation of machinery and equipment (19 vs 12), as well as in non-metallic minerals (15 vs -9). Employment outlook also became less pessimistic (-6 vs -8), while stocks of finished products increased (22 vs 16). At the same time, firms’ assessment of current industrial production improved (-2 vs -7), and views on the current level of orders also edged higher (-2 vs -3). However, sentiment toward export orders deteriorated (-12 vs -7), pointing to weaker external demand.

The industrial confidence indicator in Slovakia fell by 1 point month-on-month to -3.3 in March 2026, from -2.3 in the previous month. This marked the lowest reading since November 2025, as the assessment of current industrial production turned negative again (-7 vs 11 in February), and the employment outlook became more pessimistic (-8 vs -5). On the other hand, the assessment of the current order level was less negative (-3 vs -16), while expectations for future production edged higher (9 vs 8), reflecting stronger anticipated output in the manufacture of wood, paper, printing and reproduction, as well as in the manufacture of machinery and equipment and the manufacture of basic pharmaceutical products and pharmaceutical preparations. In addition, sentiment toward the current level of export orders was less pessimistic (-7 vs -15), while sentiment for stocks of finished products turned positive (16 vs -1).