Retail trade refers to NACE 45 and NACE 47.

For retail trade, confidence indicators are calculated using the formula: confidence indicator = selling volume (present situation assessment) – stock of goods (present situation assessment) + selling 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.

National Institute of Economic Research.