Economic confidence index, which indicated consumers' and producers' evaluations, expectations and tendencies about general economic situation dropped by 16.8 percent in January.
Economic confidence index fell from 100.81 to 83.88 in January against December. The decline stemmed from the decreases in services, real sector (manufacturing industry), consumer and construction confidence indices.
Economic confidence index indicates an optimistic outlook about the general economic situation when the index is above 100, on contrary it indicates a pessimistic outlook when it is below 100.
The index is combined by means of a weighted aggregation of normalized sub-indices of consumer confidence, seasonally adjusted real sector (manufacturing industry), services, retail trade and construction confidence indices.
Services confidence index which fell by 6.6 percent dropped to 92.53 in January. Meanwhile, real sector and consumer confidence indices, decreasing by 2.7 percent compared to December, dropped to 105.90 and 71.62, respectively in January. Construction confidence index decreased by 1.4 percent to 83.91.
Also, retail trade confidence index rose to 108.76 by 3.6 percent in January, compared to previous month.