Business confidence fell to 97.9 in November from 100.3 in October. The November result marked the lowest reading since June 2020 and pushed the index below the 100 threshold, indicating deteriorating sentiment among businesses.
The decline was driven by more pessimistic views regarding production in the next three months and book ordering in the past three months. Moreover, companies were more gloomy about fixed investment spending. On the other hand, attitudes towards current orders and the general business situation have improved, although they remain pessimistic.
FocusEconomics Consensus forecast respondents see fixed investment expanding 1.4% in 2023, which is 0.2 percentage points more than last month’s forecast, and growing 3.2% in 2024.