The activity and employment will remain stable in industry and services during this period. The only increase is expected to occur in the services sector between December and February.

The previous report, published at the end of November, indicated a more moderate decline in trade and construction, as well as more optimistic estimates for the industry between November and January, reports local

The managers’ pessimistic expectations on the activity in construction is common during winter months, when construction activity drops significantly.

The trends reflect the difference between positive and negative expectations expressed by the interviewed managers. A positive result indicates a greater number of companies that have expectations of increased activity in economy, while a negative short term balance reflects expectations of reduced activity. (source: