Confidence in manufacturing and construction

In January the seasonally adjusted confidence indicator in manufacturing fell from 92.5 in December to 92.1. Assessments on order books improved, while production expectations worsened and inventories decreased. Differences emerged at sector and geographical level.

According to the quarterly questions, in the fourth quarter 2011 the rate of capacity utilisation fell to 70.4 % compared to 71.7 % in the previous quarter. The length of production assured by current order books remained stable at  3.1  months.

In January the seasonally adjusted confidence index in construction rose to 82.2 from 80.2 in December. Both assessments of order books and employment expectations improved (the balance from -50 to -47 and from -16 to -15, respectively).