Summary
In March the Business Climate Indicator deteriorated, resuming the level seen in the four months prior to February. The confidence levels in manufacturing industry were weaker, more than offsetting the recovery in the previous month. In services, the confidence indicator deteriorated sharply, offsetting the recoveries observed since October. In turn, after five months of consecutive improvements, trade had its first unfavourable development, which was common to both sub-sectors, but more apparent in retail trade. In construction and public works, data for March eased further, thus countering again the adverse developments observed in the second half of 2005. The Consumer Confidence Indicator recovered markedly, to stand in this month at its best level since June 2005.