Business confidence fell to 97.9 in November from 100.3 in October. The November result was the lowest since June 2020 and pushed the index below the 100th threshold, indicating a deterioration in business sentiment.
The fall was driven by a more pessimistic view of production over the next three months and the backlog of orders over the last three months. Moreover, firms were more gloomy about fixed investment. On the other hand, attitudes towards current orders and the general business situation have improved, although they remain pessimistic.
Participants in the FocusEconomics Consensus Forecast forecast fixed investment to rise 1.4% in 2023, up 0.2 percentage points from last month’s forecast, and grow 3.2% in 2024.