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Economy of the AP Vojvodina as a whole: Overview of the quarterly Business Barometer coefficients – Expectations of future developments

Expectations related to business activities in the next 6 monthsExpectations related to the number of employees in the forthcoming year

Expectations related to business activities with foreign clients in the next 6 monthsExpectations related to selling prices in the next 6 months

28.338.3

23.5

34.525.7

7.4 9.8

49.7

27.8

29.7

55.748.7

44.1 44.5 46.743.9

54.4

19.125.7

20.927.8

16.517.3

16.6

41.0 39.7

26.6

58.8

33.1

35.4 35.7 35.9

33.9 26.8

14.8 9.4

-7.3 -9.5

10.7 15.0

15.6

37.3 36.6

39.8 36.0 47.1

27.2 25.733.3

36.4

53.2

8.4-

0.5

4.7 2.7

0.36.3

-3.9

18.111.8 23.2 23.6

3.69.6 10.1

24.5

13.0

29.1

-20

-10

0

10

20

30

40

50

60

70

JUN 2019

SEP2015

DEC2015

MAR 2017

JUN2017

SEP2017

DEC2017

MAR 2018

MAR 2019

JUN 2018

SEP2018

DEC2018

JUN2015

MAR2016

JUN2016

SEP2016

DEC2016

Business Barometer of Vojvodina EconomyEvaluation of business activities and expectations of enterprises in the AP Vojvodina Positive expectations regarding future developments of all observed business categories

ISSN 2217-6446

ISSUE 36June 2019

Business Barometer of Vojvodina Economy

Evaluation of business activities and expectations of enterprises in the AP Vojvodina – June 2019

Publisher: Vojvodina Development Agency

The Department for Strategic Research, Innovation and Economic Development Policy

Authors: Tijana MirkovićStana TamašMaja Sokić Heeger

Translation:Vojvodina Development Agency

Design: Igor Orsag

5 Business Barometer of Vojvodina Economy

C O N T E N T

Research goal and methodology 7

Quantitative analysis of research data 10

Main findings 13

1. The aggregate image of the economy of the AP Vojvodina 14

2. Manufacturing 16

3. Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles 18

4. Agriculture, Forestry and Fishery 20

5. Construction 22

6. Professional, Scientific, Technical Activities and Innovation 24

7. Information and Communication 26


Research goal and methodology

Vojvodina Development Agency conducts research Evaluation of Business Climate in Vojvodina, by implementing an instrument called Business Barometer of Vojvodina Economy. Research has been conducted from 2010.1 The thirty six round of research has been conducted in June 2019.

The database of enterprises used to form the sample has been provided by the Chamber of Commerce of Vojvodina and Vojvodina Development Agency. This instrument enables col-lecting reliable information on how enterprises estimate the current market situation and future market trends and opportunities.

Companies are emailed a short, closed-ended questionnaire about their opinion on the current business performance, as well as on developments in trade with foreign clients, em-ployment and the selling prices of their products and services. Further questions are asked about expectations regarding future developments in these areas during next six months or a year.

The questionnaire offers three possible responses: the situation is good, remains un-changed or bad, in other words, it is expected to improve, there will be no changes or a decline is expected. These responses are then recorded in the Business Barometer as “–1” if they are negative, “0” if they are neutral and “1” if positive.

The received responses are used solely for statistical analysis and application of spe-cially created tool that results in a number of Business Barometer coefficients which serve as a basis for creating an image of the business climate and expectations in individual sec-tors and in the economy of the AP Vojvodina as a whole.

When individual sectors are observed, responses are weighed based on the number of employees in the surveyed enterprises. In this way, responses from large enterprises have stronger impact on the final values of Business Barometer coefficients. When calculating the values of Business Barometer coefficients at an aggregate level, the impact of each sector is proportional in relation to its share in the creation of the GVA of enterprises in the AP Vojvodina. The aforementioned methods help to avoid overestimation of the impact of the sectors with a high number of employees, and at the same time, with a small share in the creation of the added value in the economy.

Business Barometer coefficient values can fluctuate in the range from “–100” (in the case of all negative responses) to “+100” (in the case of exclusively positive responses). A zero value means that positive responses have the same significance as the negative ones.

The thirty six round of Business Barometer, Evaluation of Business Climate in Vojvodina, started in June 2019, by sending out electronic questionnaires to e-mail addresses of 1,450 enterprises operating in the AP Vojvodina. Analysis is based on 177 responses. The

1 Vojvodina Development Agency conducts research since December 2017. instrument called Business Barometer of Vojvodina Economy which was created in 2010 by The Centre for Strategic Economic Studies “Vojvodina CESS” in cooperation with the Vienna Institute for International Economic Studies (WIIW). The initial database of enterprises used to form the sample has been provided by the Chamber of Commerce of Vojvodina.

largest number of responses came from enterprises doing business in Manufacturing sector (39.5%). The surveyed enterprises in this sector employ 6,256 people, which accounts for 4.4% of the total number of employees in Manufacturing sector in the AP Vojvodina accord-ing to the Statistical Office of the Republic of Serbia (results for 20182). A significant number of completed questionnaires came from the following sectors: Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles (15.8%) and Agriculture, Forestry and Fishery (10.7%). The respondents from the sector Wholesale and Retail, Repair of Motor Vehicles and Motorcycles employ 3,713 people which accounts for 4.2% of the total number em-ployees in this sector in the AP Vojvodina. The respondents from the sector of Agriculture, Forestry and Fishery employ 2,465 people which accounts for 13.4% of the total number of employees in this sector in the AP Vojvodina.

Chart 1 Distribution of received responses by sectors, %

Chart 2 represents the distribution of received responses according to the size of enter-prises. The sector of small and medium enterprises participated in 66.1% of total number of responses.

Chart 2 Distribution of received responses according to the size of enterprises, %

Chart 3 represents the share of sectors in the creation of the GVA of enterprises according

2 Registered employment, by municipalities and cities/towns, 2018, Statistical Office of the Republic of Serbia

8

Manufacturing (39.5)

Wholesale and Retail Trade, Repair of

Motor Vehicles and Motorcycles (15.8)

Agriculture, Forestry and Fishery (10.7)

Professional, Scientific, Technical Activities and Innovation (10.7)

Construction (9.0)

Information and Communication (6.8)

Other sectors (7.3)





Construction (4.6)



Other sectors (18.2)

Small enterprises (41.8)

Micro enterprises (26.0)

Medium enterprises (24.3)

Large enterprises (7.9)

39.5

15.8

10.7

10.7

9.0

6.8

7.3

49.7

14.8

6.7

4.6

2.4

3.6

18.2

41.8

26.0

24.3

7.9






Construction (9.0)


Other sectors (7.3)





Construction (4.6)








39.5

15.8

10.7

10.7

9.0

6.8

7.3

49.7

14.8

6.7

4.6

2.4

3.6

18.2

41.8

26.0

24.3

7.9


to the data for 2017.

Chart 3 The share of sectors in the creation of the GVA of enterprises in the AP Vojvodina in 2017, %

Source: Statistical Office of the Republic of Serbia, Enterprises in the Republic of Serbia, by size, 2017






Construction (9.0)


Other sectors (7.3)





Construction (4.6)








39.5

15.8

10.7

10.7

9.0

6.8

7.3

49.7

14.8

6.7

4.6

2.4

3.6

18.2

41.8

26.0

24.3

7.9

10

Quantitative analysis of research data Quantitative analysis of the obtained data implies the presentation of the distribution

of the received responses and serves as an addendum to the report on the obtained coeffi-cients of Business Barometer of the economy of the AP Vojvodina.

The analysis includes the responses of 177 enterprises operating in all sectors of business. The questionnaire consists of five sets of questions, for groups of questions business activity, cooperation with foreign clients, employment and selling prices, the respondents assess the current situation and express their expectations for the upcoming period. Fifth group of ques-tions is related to state support programs.

Business activity. The majority of the respondents assess their current business as satis-factory (45.2%) and good (44.6%). Their expectations in terms of business activities in the next six months are positive, given that 43% of this group of respondents expects it to be better or unchanged (52.5%). The respondents who evaluate their business as bad (10.2%) do not expect the situation to change much (83% believe that the situation will be worse or unchanged).

How would you grade your current business?

Do you expect your business in the next six months to be:

Good 44.6 % Better 43.0 %

Satisfactory 45.2 % Unchanged 52.5 %

Bad 10.2 % Worse 4.5 %

Cooperation with foreign clients. Out of the total number of respondents, 75.7% do busi-ness with foreign clients. Cooperation with foreign clients has increased within the highest number of respondents in the past six months (33.6%) and remained unchanged (52.2%), while in 14.2% of the enterprises the volume of cooperation with foreign clients has de-creased. Expectations regarding the volume of cooperation with foreign clients are positive, as 52.2% of respondents expect an increase in the volume of cooperation, 43.3% believe that the volume will remain unchanged, while only 4.5% of respondents expect a decrease in the volume of cooperation with foreign clients.

In the past 6 months, cooperation with foreign clients has:

Do you expect the cooperation with foreign clients in the next 6 months to:

Increased 33.6 % Increase 52.2 %

Remained unchanged 52.2 % Remain unchanged 43.3 %

Decreased 14.2 % Decrease 4.5 %

Employment. In the previous year, the surveyed enterprises employed 15,008 people. In the previous year, the number of employed persons largely remained unchanged (45.8%), however, there is a higher number of enterprises with an increase in the number of employ-ees (39.0%) than of those which recorded a decrease (15.2%). In terms of expectations, it can be observed that most respondents do not expect significant changes in the number of employees within a period of one year (49.1%), the increase is expected with 42.4% of respondents, while 8.5% of the enterprises expect a decrease in the number of employees.


Has the number of employees in your enterprise in the past year:

Do you expect the number of employees in your enterprise in the next 12 months to:




Selling prices. Regarding fluctuation of the selling prices in the past 6 months, they have remained unchanged according to the majority of respondents (66.1%), have in-creased according to 19.8% of respondents, while according to 14.1% of respondents they have decreased. In terms of selling prices expectations are similar and most respondents do not expect changes (67.2%), the increase is expected by 26.6% of respondents, while 6.2% of respondents expect a decrease in the selling prices in the next 6 months.

Have the selling prices of your products/services in the past 6 months:

Do you expect the selling prices of your products/services in the next 6 months to:




State support programs. Of the total number of respondents, more than half of the com-panies (57.6%) are informed of the state support programs. Among 177 surveyed compa-nies, 77.4% companies have expressed interest in the programs of financial and non–finan-cial support. The interest is greater for programs of financial support, and less for programs of non-financial support.

Chart 4 The interest of participants for the programs of financial and non-financial state support

Remark: Due to the possibilities of multiple choice answers, the total sum of the “Yes” answers in Chart 4 exceeds the number of surveyed companies.

Grants for the purchase of equipment

Grants for investment projects

Support for job creation

Business connections, at home and abroad

Loans with favorable interest rates

For standardization and / or certification

Co-funding for innovation

Advisory services

Mentorship program

Yes No

5%

9%

19%

27%

29%

32%

35%

53%

76%

95%

91%

81%

73%

71%

68%

65%

47%

24%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

12

Chart 4 shows the interest of companies for various forms of financial and non-finan-cial support. The biggest interest exist for grants for the purchase of equipment and for the grants for investment projects, while companies express the slightest interest in the pro-grams of non-financial support – advisory services and mentorship programs.

For the programs of financial support, 131 surveyed companies have shown interest. Analyzing various forms of financial support, the greatest interest was shown for the grants for the purchase of equipment (78.6%) and grants for investment projects (53.4%). The slightest interest among respondents exists in the matter of co-funding for innovation (18.3%), which indicates a low innovative activity of the surveyed companies3.

In the terms of non-financial support programs, 34 companies have expressed interest. Among them, higher interest exists for advisory services (20.6%), than for mentorship pro-grams (14.7%)4.

The utilization of state support programs – scope and satisfaction

Of the total number of surveyed companies, 42.9% utilized programs of financial sup-port while non-financial support programs were used by 3.4% of participants.

Among the beneficiaries of the state support programs, the majority of respondents were satisfied (54.9%) and mostly satisfied (34.1%) with the effects of utilized support. A fifth of surveyed users of the state support programs are not satisfied with the effects of utilized support (11.0%).

Have you used any statesupport program so far:

Are you satisfied with theeffects of utilized support:

Yes, financial support program 42.9% Yes, I am satisfied 54.9 %

Yes, non-financial support program 3.4 % Mostly satisfied 34.1 %

No, none 46.9 % No, I am not satisfied 11.0 %

I don’t know/no answer 6.8%

3 Due to the possibilities of multiple choice answers, the total sum of the “Yes” answers in question regarding interest in various forms of state support programs exceeds the number of surveyed companies.4 Same.


Main findings

Business climate in the AP Vojvodina, results of RAV Business Barometer, June 2019:

Favourable climate in all sectors: Manufacturing, Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles, Agriculture, Forestry and Fishery, Construction, Professional, Scientific, Technical Activities and Innovation, Information and Communication.

In June 2019, Vojvodina Development Agency conducted the thirty six survey of business climate in the AP Vojvodina. Respondents´ opinions on the current business in June 2019 were compared with their expectations of different aspects of their business operations ex-pressed in the December 2018 survey5.

In all observed sectors, a positive current business climate and positive expectations of future business activities are observed. The most positive current business climate is observed in sector Information and Communication (BBV coefficient 69.3) while as the most optimistic expectation is observed in Manufacturing sector (BBV coefficient 65.2). The low-est recorded coefficients in terms of evaluation and expectation of the future business ac-tivities are in the sector of Wholesale and Retail, Repairs of Motor Vehicles and Motorcycles (8.8 and 26.0 respectively).

The surveyed enterprises in the AP Vojvodina expect the most positive business results in the next six-month period (BBV coefficient 54.4). Respondents have positive expectations when it comes to cooperation with foreign business clients and increase in the number of employees (26.8 and 53.2 respectively). Respondents expect an increase in the selling pric-es in the next six months (BBV coefficient 29.1).

Below is a detailed explanation of the results obtained at the level of the entire econo-my, as well as for the each sector of activity.

5 The respondents expressed their expectations for the following six-month period in the December survey and, therefore, their evaluations of business from June 2019 were compared with the expectations from December 2018. There is an exception with regard to matters related to the number of employees, covering a period of one year. Thus, the situation in June 2019 was compared to the expectations from June 2018.

14

1. The aggregate image of the economy of the AP Vojvodina

The overall business performance in the AP Vojvodina has been assessed by the positive BBV coefficient 41.6. If the given evaluation is compared with the respondents’ expectations from six months ago (BBV coefficient 46.7), it can be observed that they have been met.

Positive evaluation of the cooperation with foreign clients in the past six months has been described by the BBV coefficient 17.6. Respondents’ expectations from six months ago were evaluated by BBV coefficient 35.9 which indicates that the expected scope of coopera-tion with the foreign clients has not been fully realized.

The selling prices of the products and services have been evaluated by the positive BBV coefficient 6.7, and compared with the expectations from six months ago (BBV coefficient 24.5), it can be concluded that the changes of the selling prices are not fully as expected.

The respondents estimated that the number of employees in their companies has in-creased during the previous year, which is expressed with BBV coefficient of 26.7. By com-paring this estimate with expectations from June 2018 (BBV coefficient 27.2), it is concluded that positive expectations have been met. The number of employed persons is the only cat-egory of research that covers a period of one year.

* The change in Business Barometer coefficients in comparison to evaluations of the current situation from March 2019** The change in Business Barometer coefficients in comparison to expectations from March 2019







BUSINESS BAROMETER COEFFICIENT FOR CURRENT BUSINESS EVALUATION *

BUSINESS BAROMETER COEFFICIENT FOR EVALUATION OF FUTURE DEVELOPMENT **













CURRENT BUSINESS

DOING BUSINESS WITH FOREIGN CLIENTS

NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES


Chart 5 Economy of the AP Vojvodina as a whole: Overview of the quarterly Business Barometer coefficients – Evaluation of the current business

The respondents’ expectations in economy of Vojvodina as a whole have been evalu-ated with the positive BBV coefficient in all surveyed categories. The highest coefficient is recorded in the overall business category (BBV coefficient 54.4). In the next six months, respondents expect an increase in the volume of cooperation with foreign clients (BBV coef-ficient 26.8), as well as an increase in the selling prices (BBV coefficient 29.1). Additionally, respondents expect the growth of the number of employees in their enterprises during next year (BBV coefficient 53.2).

Chart 6 Economy of the AP Vojvodina as a whole: Overview of the quarterly Business Ba-rometer coefficients – Expectations of future developments

5.921.7

26.5

17.6 8.4 17.0 16.9

37.229.8

39.631.4

46.9

20.6

31.536.0

51.0

41.6

5.6

8.0

8.4 8.17.9

0.0

14.315.6

20.6

17.724.2

20.1

11.3

20.225.9

15.6 17.6

-1.9

12.019.4

-1.1

5.65.9

4.9

22.7

14.4

25.0

50.9

42.3 33.6

18.6 18.8

28.726.712.1

-

1.7

2.8

-7.11.5 -1.7

9.1

18.7

6.9 6.1 4.0

17.83.5

-11.6

1.7

10.6 6.7

-20

-10

0

10

20

30

40

50

60

Current business activitiesNumber of employees within last year

Business activities with foreign clients in the last 6 monthsSelling prices of products / services in the last 6 months

JUN 2019

SEP2015

DEC2015

MAR 2017

JUN2017

SEP2017

DEC2017

MAR 2018

MAR 2019

JUN 2018

SEP2018

DEC2018

JUN2015

MAR2016

JUN2016

SEP2016

DEC2016

28.338.3

23.5

34.525.7

7.4 9.8

49.7

27.8

29.7

55.748.7

44.1 44.5 46.743.9

54.4

19.125.7

20.927.8

16.517.3

16.6

41.0 39.7

26.6

58.8

33.1

35.4 35.7 35.9

33.9 26.8

14.8 9.4

-7.3 -9.5

10.7 15.0

15.6

37.3 36.6

39.8 36.0 47.1

27.2 25.733.3

36.4

53.2

8.4-

0.5

4.7 2.7

0.36.3

-3.9

18.111.8 23.2 23.6

3.69.6 10.1

24.5

13.0

29.1

-20

-10

0

10

20

30

40

50

60

70

JUN 2019

SEP2015

DEC2015

MAR 2017

JUN2017

SEP2017

DEC2017

MAR 2018

MAR 2019

JUN 2018

SEP2018

DEC2018

JUN2015

MAR2016

JUN2016

SEP2016

DEC2016



5.921.7

26.5

17.6 8.4 17.0 16.9

37.229.8

39.631.4

46.9

20.6

31.536.0

51.0

41.6

5.6

8.0

8.4 8.17.9

0.0

14.315.6

20.6

17.724.2

20.1

11.3

20.225.9

15.6 17.6

-1.9

12.019.4

-1.1

5.65.9

4.9

22.7

14.4

25.0

50.9

42.3 33.6

18.6 18.8

28.726.712.1

-

1.7

2.8

-7.11.5 -1.7

9.1

18.7

6.9 6.1 4.0

17.83.5

-11.6

1.7

10.6 6.7

-20

-10

0

10

20

30

40

50

60



JUN 2019

SEP2015

DEC2015

MAR 2017

JUN2017

SEP2017

DEC2017

MAR 2018

MAR 2019

JUN 2018

SEP2018

DEC2018

JUN2015

MAR2016

JUN2016

SEP2016

DEC2016

28.338.3

23.5

34.525.7

7.4 9.8

49.7

27.8

29.7

55.748.7

44.1 44.5 46.743.9

54.4

19.125.7

20.927.8

16.517.3

16.6

41.0 39.7

26.6

58.8

33.1

35.4 35.7 35.9

33.9 26.8

14.8 9.4

-7.3 -9.5

10.7 15.0

15.6

37.3 36.6

39.8 36.0 47.1

27.2 25.733.3

36.4

53.2

8.4-

0.5

4.7 2.7

0.36.3

-3.9

18.111.8 23.2 23.6

3.69.6 10.1

24.5

13.0

29.1

-20

-10

0

10

20

30

40

50

60

70

JUN 2019

SEP2015

DEC2015

MAR 2017

JUN2017

SEP2017

DEC2017

MAR 2018

MAR 2019

JUN 2018

SEP2018

DEC2018

JUN2015

MAR2016

JUN2016

SEP2016

DEC2016



16

2. Manufacturing

The respondents from Manufacturing sector positively evaluate their current business, with BBV coefficient 55.6. If the current result is compared with the respondents’ expecta-tions from six months ago (BBV coefficient 41.8), it is concluded that the realized business activity within the surveyed sector exceeded expectations.

Respondents positively evaluate the cooperation with the foreign clients in the past six months, with BBV coefficient 31.1. If the current result is compared with the respondents’ expectations from six months ago (BBV coefficient 38.9), it can be concluded that the actual volume growth of cooperation is in accordance with expectations.

The survey category related to selling prices has been evaluated positively (BBV coef-ficient 6.7) which indicates that within the period of six months they have increased. Such assessment is not fully in accordance with the respondents’ expectations from six months ago, which had been evaluated with BBV coefficient 47.0.

The change in the number of employees in the respondents’ enterprises in the previous year has been assessed with a positive BBV coefficient of 16.4. By comparing this estimate with expectations from June 2018 (BBV coefficient 44.8), it is concluded that positive expec-tations have been met, but at a lower level than expected.






















CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES

CURRENT BUSINESS


NUMBER OF EMPLOYEES

SELLING PRICES


Chart 7 Manufacturing: Overview of the quarterly Business Barometer coefficients – Evaluation of the current business

The respondents’ expectations from the Manufacturing sector were assessed with a pos-itive BBV coefficient in all observed categories of research. In the next six months, respon-dents expect growth of overall business (BBV coefficient 65.2). In addition, respondents expect growth in the volume of cooperation with foreign clients (BBV coefficient 34.4), as well as the increase in the selling prices (BBV coefficient 21.3). Also, in the next year, respon-dents expect the growth of the number of employees in their companies (BBV coefficient 68.6).

Chart 8 Manufacturing: Overview of the quarterly Business Barometer coefficients – Expectations of future developments

20.3 24.5

51.7

38.4

35.3

39.047.0

53.8

44.8

48.3

68.863.1

23.314.2 30.6

52.3 55.6

19.422.7

30.0 17.1 17.9

16.1

45.8 31.2

51.0

44.8 45.735.8

14.6

33.3 35.628.4 31.1

4.3

-2.3

34.0

11.3

47.8

25.8

25.0

33.7

31.3 29.8

50.7 61.4 52.2

7.3

-7.0

19.216.410.3

-10.5

3.3

-5.2

4.3

-2.5 -2.4

28.811.6

19.313.1

25.0

9.6

-14.6

10.522.1

6.7

-20

0

20

40

60

80

36.4 41.0 40.8

63.3

33.0 40.0

60.764.4

52.8

52.8 68.3

48.1

66.1

55.4 41.8 53.065.2

27.9 32.136.6

46.844.9 44.6

48.7

64.774.0

45.9

72.3

51.7 65.8

49.338.9

49.734.4

18.814.3

-0.210.2

30.039.3 28.0

52.0

63.856.1

43.0 44.2 44.8

17.6

31.2 27.5

68.6

9.6-0.1

9.9 13.4 9.3 7.814.2 10.8 9.5

25.5

48.1

0.4

14.6

20.5

47.0

12.0

21.3

-20

0

20

40

60

80

JUN 2019

SEP2015

DEC2015

MAR 2017

JUN2017

SEP2017

DEC2017

MAR 2018

MAR 2019

JUN 2018

SEP2018

DEC2018

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20.3 24.5

51.7

38.4

35.3

39.047.0

53.8

44.8

48.3

68.863.1

23.314.2 30.6

52.3 55.6

19.422.7

30.0 17.1 17.9

16.1

45.8 31.2

51.0

44.8 45.735.8

14.6

33.3 35.628.4 31.1

4.3

-2.3

34.0

11.3

47.8

25.8

25.0

33.7

31.3 29.8

50.7 61.4 52.2

7.3

-7.0

19.216.410.3

-10.5

3.3

-5.2

4.3

-2.5 -2.4

28.811.6

19.313.1

25.0

9.6

-14.6

10.522.1

6.7

-20

0

20

40

60

80

36.4 41.0 40.8

63.3

33.0 40.0

60.764.4

52.8

52.8 68.3

48.1

66.1

55.4 41.8 53.065.2

27.9 32.136.6

46.844.9 44.6

48.7

64.774.0

45.9

72.3

51.7 65.8

49.338.9

49.734.4

18.814.3

-0.210.2

30.039.3 28.0

52.0

63.856.1

43.0 44.2 44.8

17.6

31.2 27.5

68.6

9.6-0.1

9.9 13.4 9.3 7.814.2 10.8 9.5

25.5

48.1

0.4

14.6

20.5

47.0

12.0

21.3

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18

3. Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles

The enterprises doing business in the sector Wholesale and Retail, Repairs of Motor Vehicles and Motorcycles, evaluated their current business with BBV coefficient of 8.8. If the current result is compared with the expectations from December 2018 (BBV coefficient 82.4), it is observed that, although positively assessed, current business volume is not at the expected level.

Cooperation with foreign clients in the past six months was negatively assessed by the BBV coefficient of -2.1, which indicates that there has been a decrease in the volume of co-operation with foreign clients. Negative mark of the observed category is not in the line with expectations, as the respondents expected growth of the scope of cooperation with foreign clients (BBV coefficient 76.6) in December 2018.

Selling prices of products and services were assessed with a positive BBV coefficient of 12.7, indicating that they have marked an increase in the past six months. The above-men-tioned increase in selling prices is in accordance with the expectations of six months ago (BBV coefficient 6.5).

In the previous year, the number of employees in enterprises has increased, which is assessed with a highly positive BBV coefficient of 80.4. By comparing the estimate with the expectations of respondents from June 2018 (BBV coefficient of 43.5), it is concluded that they have been exceeded.






















CURRENT BUSINESS


NUMBER OF EMPLOYEES

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CURRENT BUSINESS


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Chart 9 Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles: Overview of the quarterly Business Barometer coefficients – Evaluation of the current business

Expectations of respondents from the Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles were assessed with positive BBV coefficient in all observed cat-egories of research. In the next six months, respondents expect an improvement of overall business (BBV coefficient 26.0), increase of the volume of cooperation with foreign clients (BBV coefficient 9.3), and increase of the level of selling prices (BBV coefficient 31.8). Also, in the next year, respondents expect the growth of the number of employees in their com-panies (BBV coefficient 87.5), which represents the highest coefficient among the surveyed categories.

Chart 10 Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles: Overview of the quarterly Business Barometer coefficients – Expectations of future developments

-23.0

36.6

1.0 3.00.6 1.4

0.1

74.7

66.7

66.7

-53.8

5.9

17.8

63.0 37.5

91.3

8.8

-24.9

-14.4 -21.3 -17.3

0.1 0.80.6

-2.0 -2.2 -1.9

1.5 5.1

33.213.5 25.9

5.1

-2.1

40.5

27.8

49.2 49.7 51.4 58.8 54.067.0

66.3 63.2

66.4

62.645.3

78.7 77.286.8

80.4

39.643.0

-0.6 -0.1

1.3

-0.8 -0.3

73.9 70.070.5

64.7

64.339.4

-1.8

8.07.4 12.7

-80

-60

-40

-20

0

20

40

60

80

100

30.9

98.0

21.6 23.4

26.0

-0.3

1.4 8.5

31.3

6.7

65.4

6.7

86.0

38.1

82.4

31.126.0

26.0

51.1

22.8 23.1

0.8 0.5 0.13.6

5.5 3.36.5

6.6

37.8 20.3

76.6

9.1 9.3

39.629.9

-22.7 -19.7

51.459.6 54.3

80.569.0 70.8

64.6 66.5

43.5

78.270.8

92.287.5

-0.1 -0.1

0.1

-0.5 0.4-0.5

-0.3

72.564.8 65.3

1.0

-0.1

9.5

-0.2 6.5

19.8

31.8

-40

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0

20

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100

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-23.0

36.6

1.0 3.00.6 1.4

0.1

74.7

66.7

66.7

-53.8

5.9

17.8

63.0 37.5

91.3

8.8

-24.9

-14.4 -21.3 -17.3

0.1 0.80.6

-2.0 -2.2 -1.9

1.5 5.1

33.213.5 25.9

5.1

-2.1

40.5

27.8

49.2 49.7 51.4 58.8 54.067.0

66.3 63.2

66.4

62.645.3

78.7 77.286.8

80.4

39.643.0

-0.6 -0.1

1.3

-0.8 -0.3

73.9 70.070.5

64.7

64.339.4

-1.8

8.07.4 12.7

-80

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0

20

40

60

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30.9

98.0

21.6 23.4

26.0

-0.3

1.4 8.5

31.3

6.7

65.4

6.7

86.0

38.1

82.4

31.126.0

26.0

51.1

22.8 23.1

0.8 0.5 0.13.6

5.5 3.36.5

6.6

37.8 20.3

76.6

9.1 9.3

39.629.9

-22.7 -19.7

51.459.6 54.3

80.569.0 70.8

64.6 66.5

43.5

78.270.8

92.287.5

-0.1 -0.1

0.1

-0.5 0.4-0.5

-0.3

72.564.8 65.3

1.0

-0.1

9.5

-0.2 6.5

19.8

31.8

-40

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100

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20

4. Agriculture, Forestry and Fishery

Respondents from the Agriculture, Forestry and Fishery sector assess their current busi-ness with a positive BBV coefficient of 22.5. By comparing this estimate with expectations from six months ago (BBV coefficient 56.5), it is concluded that the realized business of the respondents is not fully in line with expectations.

Respondents evaluate the cooperation with foreign clients positively in the past six months with a BBV coefficient of 14.2, which is in accordance with the expectations of re-spondents that the volume of cooperation with foreign clients will remain unchanged to the BBV coefficient of 17.1.

The estimate of the selling prices of the products and services of the surveyed respon-dents is positive, described by the BBV coefficient of 25.9. The increase is in accordance with the expectations from six months ago, when respondents expected growth in selling prices (BBV coefficient of 24.8).

The number of employees in enterprises fell in the previous year, which was evaluated with negative BBV coefficient of -19.7. By comparing this estimate with the expectations of respondents in June 2018 (BBV coefficient of -12.8), it can be concluded that decrease the number of employers was expected.






















CURRENT BUSINESS


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Chart 11 Agriculture, Forestry and Fishery: Overview of the quarterly Business Barometer coefficients – Evaluation of the current business

In the next six months, the respondents from the Agriculture, Forestry and Fishery sector expect the improvement of the total business activity (BBV coefficient 40.4), the growth in the volume of cooperation with foreign clients (BBV coefficient 42.9), as well as the increase in the selling prices (BBV coefficient 62.5). The only negative estimate was recorded in terms of the number of employees in the respondents’ enterprises, which are expected to mark a decline in the next year (BBV coefficient -32.8).

Chart 12 Agriculture, Forestry and Fishery: Overview of the quarterly Business Barometer coefficients – Expectations of future developments

56.1

82.774.4

51.3

77.3

51.1

27.443.8 47.7

39.8

7.6

43.0

-27.3

14.555.6

31.122.5

0.03.3

0.0

3.5

25.6 48.4

5.0

13.2 8.3 36.4

6.3-2.0

17.17.9

0.0

-18.4

14.212.2

-0.1

-44.4-28.9

-38.7

22.920.3

-9.81.3

-3.4

35.5

-7.4

64.7

5.9 24.517.6

-19.7-14.0

0.7

59.7

-

6.71.2

-8.8 -1.85.1

5.4

-8.0 -10.2-24.3

-41.3-32.9

-14.8

-5.6

25.9

-60

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20

40

60

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100

77.985.7

30.430.1

31.5

54.7

14.4

46.1

38.5

-13.5

49.8 46.622.7

23.3

56.5 44.1

40.428.6

81.4

31.319.0

29.4 38.2

20.0

13.2

70.4

0.0

68.8

10.522.1

8.9

0.0

17.0

42.9

21.92.0

-42.8 -34.5

-52.3

-27.1

17.4

-32.8-14.3 -13.8

30.113.6

-12.8-0.7

39.7

-3.2

-32.8

0.0

35.2

10.714.3

74.6

40.4

18.435.6

30.2

-8.0

22.86.0 2.0

39.8

24.8

37.862.5

-60

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56.1

82.774.4

51.3

77.3

51.1

27.443.8 47.7

39.8

7.6

43.0

-27.3

14.555.6

31.122.5

0.03.3

0.0

3.5

25.6 48.4

5.0

13.2 8.3 36.4

6.3-2.0

17.17.9

0.0

-18.4

14.212.2

-0.1

-44.4-28.9

-38.7

22.920.3

-9.81.3

-3.4

35.5

-7.4

64.7

5.9 24.517.6

-19.7-14.0

0.7

59.7

-

6.71.2

-8.8 -1.85.1

5.4

-8.0 -10.2-24.3

-41.3-32.9

-14.8

-5.6

25.9

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77.985.7

30.430.1

31.5

54.7

14.4

46.1

38.5

-13.5

49.8 46.622.7

23.3

56.5 44.1

40.428.6

81.4

31.319.0

29.4 38.2

20.0

13.2

70.4

0.0

68.8

10.522.1

8.9

0.0

17.0

42.9

21.92.0

-42.8 -34.5

-52.3

-27.1

17.4

-32.8-14.3 -13.8

30.113.6

-12.8-0.7

39.7

-3.2

-32.8

0.0

35.2

10.714.3

74.6

40.4

18.435.6

30.2

-8.0

22.86.0 2.0

39.8

24.8

37.862.5

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22

5. Construction

Respondents from the Construction sector assess their overall business activity with a positive BBV coefficient of 29.2. When comparing the estimate of the current situation with expectations from six months ago (BBV coefficient 30.3), it is concluded that the business performance of enterprises is at a level that was expected.

The volume of cooperation with foreign clients increased over the past six months (BBV coefficient 9.5), which does not fully coincide with the respondents’ expectations from December 2018 (BBV coefficient 31.5).

Respondents evaluate that there has been an increase in the selling prices in the past six months (BBV coefficient 2.6). By comparing this estimate with the expectations of re-spondents from six months ago (BBV coefficient -3.9), it can be concluded that the expected decline in the selling prices has not been realized.

In respondents’ companies in the previous one-year period there was an increase in the number of employees (BBV coefficient 31.2). This positive assessment is not completely in accordance with the expectations of the respondents from June 2018 (BBV coefficient 44.7).






















CURRENT BUSINESS


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Chart 13 Construction: Overview of the quarterly Business Barometer coefficients – Evaluation of the current business

The respondents’ expectations from the Construction sector were assessed with a posi-tive BBV coefficient in all observed categories of research. The highest coefficient is record-ed in the overall business category (BBV coefficient 51.2). In the next six months, respon-dents expect an increase in the volume of cooperation with foreign clients (BBV coefficient 32.1), as well as an increase in the selling prices (BBV coefficient 14.7). Additionally, in the next year, respondents expect the growth of the number of employees in their enterprises (BBV coefficient 27.9).

Chart 14 Construction: Overview of the quarterly Business Barometer coefficients – Expectations of future developments

-25.2

14.010.4

8.411.6

27.1 38.8

13.1

33.0

8.4

33.7

14.9

73.4

36.9 31.2 32.429.2

-4.7

34.0 21.4

-10.6

4.6

21.37.7

-22.5

4.6

-21.6

-32.2

-13.40.0

-7.3

31.5 0.0 9.5

-28.6-28.4

13.5

-26.1

19.5

18.6

-1.7

6.0

0.2

9.631.0

-52.2

-7.0

26.4

61.8

-6.6

31.2

-6.8

-5.3

-10.9

-10.4

-11.8-19.5

3.2

-24.4

-49.7

-22.3

-3.0

-24.6

15.1

-0.4

-6.1

6.4

2.6

-60

-40

-20

0

20

40

60

80

52.541.4

30.1

-12.9

13.7

51.9

-3.6

24.5

-7.8

23.0

59.169.4

39.1

6.9

30.3 19.551.2

31.2

4.3

38.1

9.06.6 5.7

8.6

-22.5

53.6 55.4

34.2

13.4

63.8

32.9

35.1

8.5 32.1

-20.0

-18.2

5.512.9 9.6

-1.6 -2.3

66.5

45.8

19.7

38.050.7

44.7 42.0

26.714.1 27.9

- 5.1

-32.4

-12.4

-3.8-4.6

8.82.3

0.0

-21.3

6.60.6

-6.0

27.23.5

-3.9

4.814.7

-40

-20

0

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40

60

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-25.2

14.010.4

8.411.6

27.1 38.8

13.1

33.0

8.4

33.7

14.9

73.4

36.9 31.2 32.429.2

-4.7

34.0 21.4

-10.6

4.6

21.37.7

-22.5

4.6

-21.6

-32.2

-13.40.0

-7.3

31.5 0.0 9.5

-28.6-28.4

13.5

-26.1

19.5

18.6

-1.7

6.0

0.2

9.631.0

-52.2

-7.0

26.4

61.8

-6.6

31.2

-6.8

-5.3

-10.9

-10.4

-11.8-19.5

3.2

-24.4

-49.7

-22.3

-3.0

-24.6

15.1

-0.4

-6.1

6.4

2.6

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20

40

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52.541.4

30.1

-12.9

13.7

51.9

-3.6

24.5

-7.8

23.0

59.169.4

39.1

6.9

30.3 19.551.2

31.2

4.3

38.1

9.06.6 5.7

8.6

-22.5

53.6 55.4

34.2

13.4

63.8

32.9

35.1

8.5 32.1

-20.0

-18.2

5.512.9 9.6

-1.6 -2.3

66.5

45.8

19.7

38.050.7

44.7 42.0

26.714.1 27.9

- 5.1

-32.4

-12.4

-3.8-4.6

8.82.3

0.0

-21.3

6.60.6

-6.0

27.23.5

-3.9

4.814.7

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24

6. Professional, Scientific, Technical Activities and Innovation

Respondents from the Sector for Professional, Scientific, Technical Activities and Innovation assess their current business with positive BBV coefficient of 51.9. That assess-ment of the current business climate exceeds negative expectations of respondents’ from December 2018 (BBV coefficient -3.6).

The respondents’ evaluation on cooperation with foreign clients in the previous six months is negative, described by the BBV coefficient of -30.2. The reduced volume of coop-eration with foreign clients is not in accordance with the expectations of respondents from December 2018, when an increase in the scope of cooperation was expected in the following six months (BBV coefficient 2.6).

The selling prices of products and services were rated with a negative BBV coefficient of -3.3, indicating that their decrease was realized in the past six months. In comparison with the respondents’ expectations from six months ago (BBV coefficient -46.7), it can be concluded that the drop in selling prices was expected.

Respondents estimated that the number of employees in their enterprises decreased in the previous year (BBV coefficient -44.3). In comparison with the respondents’ expectations from June 2018 (BBV coefficient -6.9), it can be concluded that the fall in the number of em-ployees in their enterprises was expected.






















CURRENT BUSINESS


NUMBER OF EMPLOYEES

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Chart 15 Professional, Scientific, Technical Activities and Innovation: Overview of the quarterly Business Barometer coefficients – Evaluation of the current business

In the next six months, respondents from the sector of Professional, Scientific, Technical Activities and Innovation expect improvement in the overall performance of their companies (BBV coefficient 27.8), also increase in the volume of cooperation with foreign clients (BBV coefficient 20.8), and grow in selling prices (BBV coefficient 3.3). In the next year, respon-dents expect an increase in the number of employees in their enterprises (BBV coefficient of 51.4).

Chart 16 Professional, Scientific, Technical Activities and Innovation: Overview of the quarterly Business Barometer coefficients – Expectations of future developments

77.5

-1.4

38.754.1

78.268.4

34.7 12.9 15.7

100.0

-20.3 -19.1-6.9

40.2

3.6 3.2

51.943.7

-8.7-4.7 0.0

0.0

12.5

0.0 -2.3 0.0

46.731.9

3.10.0

30.7

0.0 -11.6

-30.2

24.68.3

31.1

-46.5

-2.2

0.4 32.50.5 13.4

0.0

18.8

17.6 14.4

37.8

0.0-23.8

-44.3-38.0-13.3

17.0

0.0-10.5

0.0

-29.5

0.0

0.0 0.0

-30.3 -29.4 -31.3-53.0

-29.6-48.4

-3.3

-80

-60

-40

-20

0

20

40

60

80

100

120

47.9

68.8

34.9

37.324.9

67.9

32.0

20.720.7

53.3

-9.1

48.544.4 38.2

-3.6

12.7

27.8

43.7

5.5 18.9

3.214.3

14.631.1

5.12.8

54.7

44.7 44.7

14.427.9 2.6

21.920.8

38.7

-7.30.0

-10.8

13.7

14.0

-8.5

50.7

2.8

8.0

-2.2

44.3

-6.9

33.1

-25.5

6.5

51.4

2.8 -0.5

7.5

47.6

0.9 6.3

3.3 18.4

12.9

37.3

-24.7

15.3

-27.5-15.1

-46.7-33.5

3.3

-60

-40

-20

0

20

40

60

80

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MAR 2019

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77.5

-1.4

38.754.1

78.268.4

34.7 12.9 15.7

100.0

-20.3 -19.1-6.9

40.2

3.6 3.2

51.943.7

-8.7-4.7 0.0

0.0

12.5

0.0 -2.3 0.0

46.731.9

3.10.0

30.7

0.0 -11.6

-30.2

24.68.3

31.1

-46.5

-2.2

0.4 32.50.5 13.4

0.0

18.8

17.6 14.4

37.8

0.0-23.8

-44.3-38.0-13.3

17.0

0.0-10.5

0.0

-29.5

0.0

0.0 0.0

-30.3 -29.4 -31.3-53.0

-29.6-48.4

-3.3

-80

-60

-40

-20

0

20

40

60

80

100

120

47.9

68.8

34.9

37.324.9

67.9

32.0

20.720.7

53.3

-9.1

48.544.4 38.2

-3.6

12.7

27.8

43.7

5.5 18.9

3.214.3

14.631.1

5.12.8

54.7

44.7 44.7

14.427.9 2.6

21.920.8

38.7

-7.30.0

-10.8

13.7

14.0

-8.5

50.7

2.8

8.0

-2.2

44.3

-6.9

33.1

-25.5

6.5

51.4

2.8 -0.5

7.5

47.6

0.9 6.3

3.3 18.4

12.9

37.3

-24.7

15.3

-27.5-15.1

-46.7-33.5

3.3

-60

-40

-20

0

20

40

60

80

JUN 2019

SEP2015

DEC2015

MAR 2017

JUN2017

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MAR 2018

MAR 2019

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SEP2018

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26

7. Information and Communication

Respondents in the Information and Communication sector assess their overall busi-ness with a positive BBV coefficient of 69.3. Comparing the assessment of the current situ-ation with expectations from six months ago (BBV coefficient of 99.1), it is concluded that high positive expectations have not been fully met.

The respondents assessed the cooperation with foreign clients in the past six months positively, described by the BBV coefficient of 32.1. The achieved scope of cooperation is lower than expected, since the expectations of respondents from six months ago were rated with BBV coefficient of 99.1.

The respondents noticed a growth in selling prices of products and services (BBV coeffi-cient 25.2). If compared with the expectations of growth of the selling prices from six months ago (BBV coefficient 15.4), it can be concluded that they have been fulfilled.

The number of employees in enterprises has increased in the previous year, which is evaluated with highly positive BBV coefficient of 85.8. The above assessment has exceeded expectations of the respondents from June 2018 (BBV coefficient 57.7).






















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Chart 17 Information and Communication: Overview of the quarterly Business Barometer coefficients – Evaluation of the current business

The respondents’ expectations from the Information and Communication sector were assessed with a positive BBV coefficient in all observed categories of research. In the next six months, respondents expect improvement of the overall business (BBV coefficient 33.2), increase in the volume of cooperation with foreign clients (BBV coefficient 32.1), as well as increase of the selling prices (BBV coefficient 43.6). In the next year, respondents expect an increase in the number of employees in their companies, which is rated with the highest BBV coefficient of 97.2.

Chart 18 Information and Communication: Overview of the quarterly Business Barometer coefficients – Expectations of future developments

86.9 73.5 85.2

75.5

55.1 53.8

53.3

6.6

97.579.1 79.0

10.7

50.434.0

73.9 69.3

91.1

68.6

52.161.4

66.755.7

6.7

78.9 97.5

0.0

79.8

41.7

-9.1

80.5

47.3 32.1

77.663.7

89.5

76.073.5

63.5

14.7

88.2

88.6 63.3

82.9

13.1

-29.3-42.9

76.8 85.8

-2.4

14.7

-2.9

11.2

-0.8-10.0 -10.7

0.0 0.0 3.7

24.5

-42.3

-0.7 15.4-1.0

25.2

-60

-40

-20

0

20

40

60

80

100

120

-20

0

20

40

60

80

100

12097.6

94.8

52.5

81.290.1

46.3

79.3

97.488.6

86.0

66.9

47.0

90.2

99.1

70.4

33.2

90.783.3

51.2

75.7 81.3

45.1 46.7

90.8 88.6

74.4

83.7

46.4

88.7

99.1

52.2

32.1

72.9 82.4 53.573.6 75.9 65.9

62.0

82.9

88.6

72.1

84.4

57.7

-1.66.8

89.7 97.2

77.6

0.0

34.0

-1.0

8.8

-5.1

22.7

0.0 0.0

-0.9

21.4 42.6

61.2

15.4

60.6

43.6

JUN 2019

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JUN2017

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MAR 2019

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86.9 73.5 85.2

75.5

55.1 53.8

53.3

6.6

97.579.1 79.0

10.7

50.434.0

73.9 69.3

91.1

68.6

52.161.4

66.755.7

6.7

78.9 97.5

0.0

79.8

41.7

-9.1

80.5

47.3 32.1

77.663.7

89.5

76.073.5

63.5

14.7

88.2

88.6 63.3

82.9

13.1

-29.3-42.9

76.8 85.8

-2.4

14.7

-2.9

11.2

-0.8-10.0 -10.7

0.0 0.0 3.7

24.5

-42.3

-0.7 15.4-1.0

25.2

-60

-40

-20

0

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-20

0

20

40

60

80

100

12097.6

94.8

52.5

81.290.1

46.3

79.3

97.488.6

86.0

66.9

47.0

90.2

99.1

70.4

33.2

90.783.3

51.2

75.7 81.3

45.1 46.7

90.8 88.6

74.4

83.7

46.4

88.7

99.1

52.2

32.1

72.9 82.4 53.573.6 75.9 65.9

62.0

82.9

88.6

72.1

84.4

57.7

-1.66.8

89.7 97.2

77.6

0.0

34.0

-1.0

8.8

-5.1

22.7

0.0 0.0

-0.9

21.4 42.6

61.2

15.4

60.6

43.6

JUN 2019

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MAR 2017

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MAR 2019

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Vojvodina Development Agency, Novi Sad

Stražilovska 2,21101 Novi Sad

Telephone:+381 21 472 32 40+381 21 472 32 45

E-mail: [email protected]

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