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Industrial Confidence was reported negative both in September and, to a lesser extent, in October. Overall, manufacturers have reported ‘below normal’ order books and a negative assessment of stocks of finished products in both months. However, the October survey results were less negative than those registered in the previous month for the abovementioned indicators. On the other hand, the surveys show that firms had positive production expectations for the following three months. Again, in October production expectations were more upbeat than production expectations recorded in September. In parallel, employment expectations in October were less negative than those registered in the previous month. In terms of pricing, the manufacturing sector registered negative selling price expectations for both months.
The Consumer Goods Sector
A breakdown by industrial groupings shows a negative industrial confidence for the Consumer Goods Sector. This sector registered a decline in production expectations in October vis-à-vis September. Overall order books remained on the same level but the sector registered deterioration in the export order books balance in October compared to September. Stocks of finished products remained constant whilst the pricing power of the sector weakened further in October. The sector’s employment expectations have turned slightly negative in October compared to the findings registered in the previous month.
The Intermediate Goods Sector
Industrial confidence for the Intermediate Goods Sector was positive in October compared to a negative industrial confidence registered in the previous month. It also shows a positive turnaround in production expectations from September to October. In October, this sector registered substantially less negative overall order books and export order books compared to those registered in the previous month. Stocks of finished products were ‘above normal’ but at a lower level in October compared to the previous month. The surveys also show that selling price expectations for the Intermediate Goods Sector remained relatively at the same levels in September and October. However, the employment expectations balance in October remained negative and registered substantial deterioration compared to that registered in September.
The Investment Goods Sector
Industrial confidence for the Investment Goods Sector shows a significant downturn in confidence from September to October. Overall order books and export order books were negative in October; this compares to a less negative overall order books balance in September and a positive export order books balance recorded for the same month. In both months stocks of finished products were ‘below normal’ whilst selling price expectations were slightly stronger in October compared to September. The employment expectations balance remained relatively positive and constant for both months.
Field Work
The September Industry Survey was carried out between the 14th and the 30th of September 2005. 218 manufacturers, employing around 13745 employees, replied to the survey.
The October Industry Survey was carried out between the 14th and the 31st of October 2005. 185 manufacturers, employing around 11130 employees, replied to the survey.
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