The Consumer confidence indicator increased moderately in January, after decreasing in the previous month. The perspectives regarding the future evolution of major purchases by households and of households’ financial situation contributed positively for this evolution.

The balances of Consumer opinions on past price developments increased in January, following the decreases of the previous two months, while the balance of perspectives regarding future price developments decreased, after reaching in the previous month the maximum since December 2022.

The economic climate indicator decreased slightly in January, contrary to the increase recorded in the previous month, and having interrupted the upward movement observed since September. The confidence indicators decreased slightly in Trade and in Services and moderately in Manufacturing Industry, having increased in Construction and Public Works. 

In Trade, only the expectations on the firm’s activity recorded a negative contribution, while the decrease in the indicator in Services was due to the negative contributions of opinions on the evolution of the order book and of assessments of the firm's activity. In the Manufacturing Industry, only the opinions on the evolution of the overall order books contributed negatively to the evolution of the indicator. The increase in the Construction and Public Works confidence indicator in the last two months reflected the positive contribution of the two components, balance of opinions on current order books and perspectives on employment. 

The balance of entrepreneurs’ expectations regarding the future evolution of selling prices increased, in January, in all sectors. In the case of Construction and Public Works, this balance increased significantly in the last three months, reaching its highest level since April 2023.