The business confidence index (BCI) elaborated by the Central Bureau of Statistics (CBS) dropped from 3.4 in September to 1.9 in October. According to the CBS, October’s decrease was due to a deterioration in the majority of the sub-components that comprise the index.
The business confidence index (BCI) is based on enterprises' assessment of production, orders and stocks, as well as its current position and expectations for the immediate future. Opinions compared to a “normal” state are collected and the difference between positive and negative answers provides a qualitative index on economic conditions
In addition, the consumer confidence index (CCI) decreased from minus 22.0 in September to minus 25.0 in October, thus marking the lowest reading in 10 months. The consumer confidence index (CCI) is an indicator designed to measure consumer confidence, which is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending.