As the Foundation points out in its analysis, this weakening, however, comes exclusively from Industry, with the remaining three sectors and the consumer confidence index improving.
The intensifying geopolitical turmoil, which could have strong negative effects on global trade and international capital markets, appears to be affecting the outward-facing segment of domestic industry and causing uncertainties, despite the generally positive performance of product exports so far.
On the other hand, tourism, despite the small decline it shows this year, made a positive contribution in October as well, in several sectors. Recovery Fund projects also continue to have a multiplier effect on the economy, while construction also has strong activity and a high backlog, with many months of activity assured ahead.
Inflation remains at relatively higher levels, resulting in continued pressure on households and low consumer confidence, despite a small easing of pessimism this month. These general trends are expected to be maintained in the medium term, however developments in the international environment may have a catalytic effect on domestic expectations in the near future.
In more detail:
in Manufacturing, the negative balance of orders and demand estimates strengthened significantly, inventory estimates tightened, while positive forecasts for production in the coming months receded.
in Construction, the negative forecasts for business work programs strengthened, while, on the contrary, the positive forecasts for employment improved.
in Retail trade, estimates for current sales are weakening marginally, with the level of inventories remaining unchanged and forecasts for short-term sales development improving.
in Services, positive estimates for the current state of business remain unchanged, while estimates for current demand weaken slightly, with forecasts for short-term demand moving slightly upwards.
in Consumer Confidence, households' negative forecasts for the country's economic situation were limited, while the corresponding ones for their own economic situation were strengthened. At the same time, forecasts for major markets fell slightly while the intention to save weakened.
