Confidence in manufacturing and construction

In March the seasonally adjusted confidence indicator in manufacturing rose from 103.1 in February to 103.8. The improvement stemmed from a recovery in production expectations, which came along with stable opinions on the current state of order books and on stocks of finished products. Differences emerged at sector and geographical level.

According to the quarterly questions on export activity, in the first quarter 2011, respondents’ expectations on export turnover improved. The share of surveyed firms reporting the existence of considerable obstacles limiting their export activity also increased.

In February the seasonally adjusted confidence index in construction fell from 79.2 in January to 79. Assessments of order books worsened (the balance declined from -51 to -55) while employment expectations improved (from -17 to -12 the relative balance).

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