The Consumer confidence indicator increased in December, after decreasing in the previous four months. The balance of Consumer opinions on the past evolution of prices declined in November and December, after the significant increase recorded in October having suspended the downward path observed in the previous five months.

The economic climate indicator increased in November and December, after declining in September and October. Confidence indicators increased in Trade and in Services, having decreased in the Manufacturing Industry and in Construction and Public Works.

The entrepreneurs’ expectations regarding the future evolution of selling prices increased in December in all sectors, after decreasing in the last two months in the Manufacturing Industry, in Trade and in Construction and Public Works.

On page 9 of this press release, a box is presented with information about the new monthly indicator, Labour Hoarding Indicator (LHI), which is now part of the qualitative survey program under the responsibility of the European Commission. This indicator is calculated from microdata at firm level aiming at measuring the accumulation of the labour factor and can be understood as the part of the labour factor that is not fully used by a firm during its production process at a given time, notably when economic activity declines.