FX.co ★ Slovakia Business Morale Moderates in May

In May 2026, Slovakia’s industrial confidence indicator declined by 1.6 points month-on-month to 0.7, down from April’s four-month high of 2.3. Expectations for future production weakened (26 vs. 31 in April), driven mainly by softer prospects in the manufacture of basic pharmaceutical products. Perceptions of stock levels of finished products also became less favorable (16 vs. 22).

At the same time, assessments of current order books continued to worsen (-8 vs. -2), reflecting weaker expected output in the production of coke and refined petroleum products, as well as in the manufacture of other non-metallic mineral products and machinery and equipment n.e.c. By contrast, views on current industrial production turned positive (2 vs. -2), and the employment outlook improved slightly (-1 vs. -6). Sentiment regarding the current level of export orders remained unchanged at -14.