FACTOR ANALYSIS OF BUSINESS SURVEY RESULTS IN CROATIA

Business surveys in Croatia are based on the harmonised EU methodology. Business survey results are analysed using various statistical methods. Besides the time series of balances for every question – variable, the composite indicators based on survey results are calculated as well. These indicators are calculated as a simple arithmetic mean of seasonally adjusted balances of selected variables. The results of the factor analyses based on business survey results in Croatia proved that in composite indicators in manufacturing industry, in construction and in trade, the same variables in composite indicators are to bechosen as it is defined in EU methodology. Factor analyses based on the survey data (quarterly data, II/1995. -I/2002.) has indicated three relevant factors in manufacturing industry: (I) order book, (II) assessments of production and (III) production expectations. In construction two factors are extracted: (I) assessments of order book and present business situation and (II) expected business situation. Three factors are extracted in retail trade: (I) assessment of present business situation, (II) future business situation and (III) assessment of stocks and selling prices; three factors in wholesale trade: (I) expected business situation and selling prices, (II) assessment of present business situation, (III) assessment of stocks; three factors in trade of motor vehicles: (I) expected business situation and assessment of turnover, (II) assessment of present business situation and (III) assessment of stocks and selling prices.