23 August 2018

2018- n° 218

In August 2018, the business climate is virtually stable in services Monthly survey of services - August 2018

According to business managers surveyed in August 2018, the business climate in services is virtually stable. At 104, the business climate composite indicator remains above its long-term average (100).

In August 2018, the turning point indicator stands in the area indicating a favourable short-term economic situation.

The balance of opinion on general outlook over their sector has markedly fallen back and that on past activity has decreased again. However the balance on expected demand has gone up slightly and that on expected activity holds steady. All of these balances stand above their long-term average.

The balances on selling prices have sharply bounced back and returned above their average.

The balance on past employment has weakened a little again but stands above its average whereas that on expected employment has markedly bounced back, well above its average.

The balance on past investments has improved again and reached its highest level since April 2008. That on expected investments has barely faltered and stands above its average.

The business climate composite indicator is above its long-term average in almost all sub-sectors. Only the climate in real estate activities remains below to its average, despite a slight upturn. It has improved again in accommodation and food service activities. It is stable in information and communication and in administrative and support service activities. It has declined in road transport and in professional, scientific and technical activities.

In road transport, the business climate indicator has lost four points in August. At 110, it stands however significantly above its average level. All balances have fallen back, particularly those on general outlook, expected activity and expected demand. All balances remain nevertheless above their average.

The business climate in accommodation and food services has gained five points and reached its highest level since March 2011. The balances on general outlook and expected employment have strongly increased. Only the balance on past activity, on sharp fall, has returned just below its long-term average.

In information and communication, the business climate is stable (101). The decrease in the balances on expected activity, on past employment and on general outlook is offset by the increase in that on past activity and on expected employment. The balances on expected activity, on expected demand and on general outlook are below their average.

In real estate activities, the climate has gained one point (85) but has remained far below its average level since autumn 2017. The balances on the recent developments in activity and employment have gone down again. However, the balances corresponding to the business managers' expectations have strengthened. Only the balances on expected demand and expected employment are above their average.

The business climate in professional, scientific and technical activities has lost one point (103) but stands above its long-term average. The balances of opinion on expected activity and on general outlook have decreased whereas that on past activity has bounced back.

In administrative and support service activities, the climate has been stable since June 2018. At 108, it remains well above its average. The decline in the balances on past activity, on past employment and on general outlook is offset by the rise in those on expected activity, expected demand and expected employment. All balances are above their average.