Summary
In November the Business Climate Indicator improved further, to reach its highest level since July 2002. The manufacturing confidence indicator resumed the previous recovery trend, after the discontinuance seen last month, reaching its highest level since August 2001. The services confidence indicator eased significantly, with the series standing at its highest level since September 2001. The trade confidence indicator deteriorated, after having improved for three consecutive months, due to the developments in wholesale trade, while retail trade recovered slightly. The construction and public works confidence Indicator had a slight recovery, but stood at a three years trough. In November, the Consumer Confidence Indicator evolved unfavourably, interrupting the upward trend observed since February.