Economic outlook remains gloomy

The Economic Barometer stands at 90.9 points in October, 1.3 points lower than in September (revised from 93.8 to 92.3 points). The downward movement of the barometer is primarily driven by bundles of indicators from the manufacturing as well as the accommodation and food service activities sectors. Indicators for the construction sector, the financial and insurance services, and private consumption remained almost unchanged compared to the previous month. By contrast, indicators for the sector other services showed a slightly positive trend.

In the goods producing sector (manufacturing and construction), almost all indicator bundles contribute to the negative development. The strongest contribution comes from indicators assessing obstacles in production and indicators assessing the inventory.

In the manufacturing sector, indicators from the electrical industry send the strongest negative signal, followed by indicators for the wood and paper products sector. By contrast, the metals industry is sending a slightly positive signal. Indicators for the paper and printing industry are at a virtually constant level compared to the previous month.