Business confidence rose to 44.9 in February from January’s 43.7. February’s result marked the best performance since May 2022, and could be linked to recent interest rate cuts. However, the index remained entrenched below the 50-point threshold, signaling sustained pessimism among businesses.
February’s reading was driven by improved sentiment in the industrial and retail sectors.
Improved business confidence so far this year is in line with panelists’ forecasts for a softer year-on-year downturn in fixed investment in Q1 vs Q4 2023, with investment seen returning to growth over 2024 as a whole.
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