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The National Statistics Institute (INE) said on 20 October that its business confidence index fell 1.8% from the previous quarter. The indicator records firms’ expectations rather than realized output or sales.

Among surveyed establishments, 20.5% expected a favorable quarter and 14.8% an unfavorable one. The optimism-pessimism balance was 5.7 points, down from 9.1 points in the third quarter.