Manufacturing refers to NACE 10-33.

For the manufacturing industry, confidence indicators are calculated using the formula: confidence indicator = order books (present situation assessment) – stock of finished goods (present situation assessment) + production volume (expectations).

The confidence indicator is a mean of the net balances (seasonally adjusted and standardised) for the questions above. This time series is then standardised into a new series with a mean of 100 and a standard deviation of 10 as from 1996.

Further results and information about the Economic Tendency Survey are available at the National Institute of Economic Research.