The economic sentiment indicator continued to rise month-on-month in March and was also higher year-on-year. Confidence indicators improved month-on-month in retail trade, construction and among consumers. Meanwhile, the confidence indicator in manufacturing, which had been strengthening since the start of the year, declined in March. The confidence indicator in services also declined slightly month-on-month. Year-on-year, the confidence indicator in March was higher among consumers and in all activities except for services, where it fell for the second consecutive month. 

In January, real turnover rose significantly across all trade sectors, following weaker performance in the fourth quarter of last year. After a decrease (in wholesale trade and retail sales of non-food products) or modest growth (in motor vehicle sales and retail sales of food products) in the fourth quarter of last year, real turnover rebounded sharply in January across all trade sectors. Turnover in all trade sectors also increased year-on-year, with motor vehicle sales recording the highest growth (3%). This sector also saw the strongest real growth last year (7%), driven by an 8% increase in new passenger car sales.

Amid a continued decline in the sales volume, dwelling prices continued to rise last year. After an average increase of 14.8% in 2022, price growth halved in 2023 and remained largely unchanged in 2024 (7.4%). Prices of existing dwellings, where the number of transactions fell to its lowest level since 2011 (almost one-fifth lower year-on-year), rose by 7.4% year-on-year – a similar rate to the previous year. Prices of newly built dwellings increased by 10% (compared to an average growth of 6.6% in 2023), though these accounted for only 5% of total transactions. On average, dwelling prices were 101.5% above their 2014 low, with existing properties up by 105.7% and newly built properties up by 80.3%.