Indicateurs avancés et enquêtes de conjoncture

Glossary for OECD Composite Leading Indicators and Business Tendency Surveys

 

 

A: AMPLITUDE ADJUSTMENT
B: BALANCE
  BUSINESS CYCLE
  BUSINESS TENDENCY SURVEYS
  BUSINESS ACTIVITY: CURRENT
  BUSINESS ACTIVITY: FUTURE TENDENCY
  BUSINESS ACTIVITY: TENDENCY
  BUSINESS CONFIDENCE INDICATOR standardised
  CAPACITY UTILISATION: CURRENT
  CONSUMER CONFIDENCE INDICATOR standardised
C: CLI
  CLI COMPONENT SERIES
  CONSTRUCTION CONFIDENCE INDICATOR
  CONSUMER CONFIDENCE INDICATOR
  CONSUMER OPINION SURVEYS
D: DEMAND: TENDENDCY
  DEMAND: FUTURE TENDENCY
  DE-TRENDING
  DIFFUSION INDEX
E: EMPLOYMENT: TENDENCY
  EMPLOYMENT: FUTURE TENDENCY
  EXPORT ORDER BOOKS: LEVEL
I: INDUSTRIAL CONFIDENCE INDICATOR
M: MCD
N: NET BALANCE  (see BALANCE)
  NORMALISATION
O: ORDER BOOKS: LEVELS
  ORDERS INFLOWS TENDENCY
P: PERIODICITY & TIMING
  PRODUCTION: TENDENCY
  PRODUCTION: FUTURE TENDENCY
Q: QUALITATIVE DATA
  QUANTITATIVE DATA
R: REFERENCE SERIES
  RETAIL CONFIDENCE INDICATOR
S: SEASONAL ADJUSTMENT
  SELLING PRICES: FUTURE TENDENCY
  SERVICES CONFIDENCE INDICATOR
  SMOOTHING
  STOCK OF FINISHED GOOD: LEVEL
T: TYPE OF VARIABLES
  TREND-RESTORED
  TREND
  TURNING POINT
W: WEIGHTING
Y: YEAR-ON-YEAR GROWTH RATES (YoY)
Z: ZONE

 

 

AMPLITUDE ADJUSTMENT
The CLI is adjusted to ensure that its cyclical amplitude on average agrees with that of detrended reference series.

 

BALANCE (see also NET BALANCE)
Balances (B, also called Net Balances, NB) are commonly used unit of measure in Business Tendency (BTS) and Consumer Opinion Surveys (COS). They are used to summarise answers to multiple-choice (3 and 4-plus reply options) questions in the BTS and COS. If respondents have three options, i.e. up, same and down or above normal, normal, below normal, it is conventionally denoted the up/above normal by (+), the same/normal by (=) and the down/below normal by (-). In four-plus reply options, typical of COS, respondents can choose among the following options – much better, better, same, worse and much worse with weights assigned as follows: 1, 0.5, 0, -0.5, -1.  As "no-change" answers (such as normal or same) are ignored, the balance is obtained by taking the difference between the weighted percentages of respondents giving favourable (+) answers versus unfavourable (-) answers. Balances can take values from -100 to +100, with a midpoint of 0.

 

BUSINESS CYCLE
Business cycles are recurrent sequences of alternating phases of expansion and contraction in economic activity. The name 'business cycle' has some ambiguity, since it can refer to conceptually different economic fluctuation. Whenever the context does not eliminate ambiguity, the following qualifiers are used to distinguish the different concepts. The 'classical cycle' refers to fluctuations in the level of the economic activity (i.e. measured by GDP), the 'growth cycle', also known as the ‘deviation cycle’, refers to fluctuations in the economic activity around the long-run potential level, or fluctuations in the output-gap (i.e. measured by the de-trended GDP) and finally the 'growth rate cycle' refers to fluctuations of the growth rate of economic activity (i.e. GDP growth rate). The OECD CLI is focusing on the 'growth cycle' concept with the amplitude adjusted CLI, but offers translations for the two other concepts with the trend restored CLI for classical cycles and the CLI 12-month rate of change (alternatively year-on-year growth rate) for the growth rate cycle.

 

BUSINESS TENDENCY SURVEYS
Business Tendency Surveys (BTS) are carried out to obtain qualitative information for use in monitoring the current business situation and forecasting short-term developments.

Business tendency surveys collect information about a wide range of variables selected for their ability, when analysed together, to provide an overall picture of a sector economy. Some of the commonly collected information in business surveys relates to production, order books, new orders, stock of finished goods, exports, employment and prices.

The information collected in BTS is described as qualitative because respondents are asked to assign qualities, rather than quantities, to the variables of interest. For example, respondents might be asked to assign qualities to the value of their order books such as "higher than normal", "normal" or "below normal" instead of providing the actual figure.
The advantage is that it is generally much easier for respondents to give qualitative information because it does not require the consultation of their accounting records. As a consequence, the questionnaires can be completed quickly and survey results can be published much sooner than results of traditional statistical surveys.

In terms of subject coverage, the range of information covered by BTS goes beyond the information normally captured in conventional statistics. In this sense, qualitative information may be collected for variables that are difficult or impossible to measure by conventional methods. Examples include:

  • capacity utilisation; 
  • production bottlenecks; 
  • plans and expectations for the immediate future; 
  • manager's views on the overall economic situation.

Detailed guidelines for the development of questionnaires used for the collection of data from businesses using harmonised questions and recommended survey design practices are outlined in the OECD publication, Business Tendency Surveys: A Handbook, published in 2003. The list of variables included in the OECD harmonisation system can be found here.

 

BUSINESS ACTIVITY: CURRENT
In the OECD harmonised questionnaire the question is asked in the manufacturing sector and formulated as follows - “Excluding normal seasonal changes, do you consider your current business activity to be..? [(1) good, (2) satisfactory, (3) bad])”. The measure used for this indicator is a balance (difference between positive and negative answers in % points of total answers) and the question is usually asked in the monthly questionnaire.

 

BUSINESS ACTIVITY: FUTURE TENDENCY1
In the OECD harmonised questionnaire the question asked is “Excluding normal seasonal changes, how do you expect your business activity to change over the next 3 months2? [It will (1) increase, (2) unchange, (3) decrease]”. The measure used for this indicator is a balance (difference between positive and negative answers in % points of total answers) and the question is usually asked in the monthly questionnaire.

 

BUSINESS ACTIVITY: TENDENCY3
In the OECD harmonised questionnaire the question asked is “Excluding normal seasonal changes, how has your company’s business activity changed over the past 3-4 months? [It has (1) increased, (2) unchanged, (3) decreased]”. The measure used for this indicator is a balance (difference between positive and negative answers in % points of total answers) and the question is usually asked in the monthly questionnaire.

 

BUSINESS CONFIDENCE INDICATOR standardised
The standardised Business Confidence Indicators (BCIs) are confidence indicators comparable across countries. Comparability has been achieved by careful selection of national indicators, and by smoothing, centring, and amplitude adjusting these series. For the majority of the countries the standardised BCI is calculated from harmonised manufacturing confidence indicators (based on a common methodology described in the Business Tendency Surveys Handbook, page 63). The OECD has decided to fix to 100 the mean of the OECD Standardised BCI. Therefore 100 represents the long term average, or normal situation, and is not attached to a specific base year. In countries where harmonised indicators were not available, similar indicators have been used as proxies: business confidence indicators (national definition), business situation or business sentiment indicators. For more information on the standardisation of the BCI, click here.

 

CAPACITY UTILISATION: CURRENT
In the OECD harmonised questionnaire the question is asked in the manufacturing sector and is formulated as follows - “At what capacity is your company currently operating (as a % of full capacity)? [Please provide %]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers), and the question is usually asked in quarterly questionnaires.

 

CONSUMER CONFIDENCE INDICATOR standardised
The standardised Consumer Confidence Indicators (CCIs) are confidence indicators comparable across countries. Comparability has been achieved by careful selection of national CCIs, when available, and by smoothing, centring, and amplitude adjusting these series. The OECD has decided to fix 100 as mean of the OECD Standardised CCI. Therefore 100 represents the long term average, or normal situation, and is not attached to a specific base year. For more information on the standardisation of the CCI, click here.

 

CLI
The Composite Leading Indicator (CLI) is an aggregate time series displaying a reasonably consistent leading relationship with the reference series for the business cycle in a country. The CLI is constructed by aggregating together component series selected according to multiple criteria, such as: economic significance, cyclical correspondence and data quality. As a result of the multi-criteria selection process the CLI can be used to give an early indication of turning points in the reference series but not for quantitative forecasts (see OECD System of CLIs for more about it).

 

COMPONENT SERIES
CLI component series are economic time series which exhibit leading relationship with a reference series at the turning points. The component series are selected from a wide range of economic sectors. The number of series used for the compilation of the OECD CLIs varies for each country, typically between 5 and 10 series. Selection of the appropriate series for each country is made according to the following criteria: Economic significance: there has to be an a priori economic reason for a leading relationship with the reference series; cyclical behaviour: cycles should lead those of the reference series, with no missing or, if possible, extra cycles. At the same time, the lead at turning points should be homogeneous over the whole period; Data quality: statistical coverage of the series should be broad; series should be compiled on a monthly rather than a quarterly basis; series should be timely and easily available; there should be no break in time series; series should not be revised frequently. OECD component series can be found here.

 

CONSTRUCTION CONFIDENCE INDICATOR
The index corresponds to the arithmetic average of answers for balances of total orders books level and employment future tendency in the construction sector. The measure for this indicator is the arithmetic average of seasonally adjusted balances and the frequency is typically monthly.


CONSUMER CONFIDENCE INDICATOR
The Consumer Confidence Indicator (CCI) is (EU definition) based on answers to the following four questions with five answer alternatives to each question (a lot better, a little better, the same, a little worse, a lot worse): 

  1. Expected change in financial situation of household over the next 12 months;
  2. Expected change in general economic situation over the next 12 months;
  3. Expected change in unemployment over the next 12 months;
  4. Expected change in savings of household over the next 12 months. 

The CCI is expressed as a balance of positive over negative results. As published by the EC, it is constructed with double weights on the extremes [“a lot better” and “a lot worse” weight =1, “a little better” and “ a little worse” weight=0.5, and “the same” weight=0] and usually has a monthly frequency.


CONSUMER OPINION SURVEYS
Consumer Opinion Surveys (COS) are carried out to obtain qualitative information for use in monitoring the current economic situation. They provide information on consumer sentiment based on both the general economic situation and the financial situation of the individual or family (household). The information collected in COS is described as qualitative because respondents are asked to assign qualities (opinions), rather than quantities, to the variables of interest.

Typically, COS are based on a sample of households and respondents are asked about their intentions regarding major purchases, their economic situation now compared with the recent past and their expectations for the immediate future. The OECD includes the following three harmonised European indicators:

  1. Consumer confidence indicator
  2. Consumer prices: future tendency
  3. General economic situation: future tendency

 

DEMAND: TENDENCY4
In the OECD harmonised questionnaire the question asked is “Excluding normal seasonal changes, how has demand for your company changed over the past 3-4 months? [It has (1) increased, (2) unchanged, (3) decreased]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.


DEMAND: FUTURE TENDENCY5
In the OECD harmonised questionnaire the question asked is Excluding normal seasonal changes,How do you expect the demand for your company to change over the next 3-4 months? [It will (1) increase, (2) unchange, (3) decrease]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.

 

DE-TRENDING
De-trending is a procedure in which the long term trend, that may obscure cyclical variations in the component or the reference series, is removed. Up to December 2008 component series were de-trended with the Phase Average Trend (PAT) method. Starting from December 2008 the OECD has decided to replace the combined PAT/MCD approach with the Hodrick-Prescott (HP) filter to perform de-trending and smoothing in a single operation. The HP-filter is operated as a band-pass filter with frequency cut-off at 12 months for high frequency components (smoothing) and with frequency cut-off at 120 months for low frequency components (de-trending).

 

DIFFUSION INDEX
A diffusion index (DI) provides a summary of answers to multiple-choice questions in the BTS. It is defined as the fraction of favourable (+) answers plus half of the fraction of no change (=) answers. Diffusion Indices are alternatives to Balances as a way of summarising answers to multiple-choice questions [hence DI= (100+B)/2]. Diffusion indices can take values from 0 to +100, with a midpoint of 50. They move in the same fashion as balances, although diffusion indices are flatter than balances when represented in graphs because their range is narrower than in balances.


EMPLOYMENT: TENDENCY6
In the OECD harmonised questionnaire the question asked is "Excluding normal seasonal changes, how has your firm's total employment changed over the past 3-4 months? [It has (1) increased, (2) unchanged, (3) decreased)]". The measure used for this indicator is a balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.


EMPLOYMENT: FUTURE TENDENCY7
In the OECD harmonised questionnaire the question asked is "Excluding normal seasonal changes, how do you expect your firm's total employment to change over the next 3-4 months? [It will (1) increase, (2) unchange, (3) decrease]". The measure used for this indicator is a balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.

 

EXPORT ORDER BOOKS: LEVEL
In the OECD harmonised questionnaire the question is asked in the manufacturing sector and is formulated as follows - "Do you consider your current level of export order books to be...? [(1) Above normal, (2) normal, (3) below normal]". The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.

 

INDUSTRIAL CONFIDENCE INDICATOR
The index corresponds to the arithmetic average of balances of production future tendency, order books level and stocks of finished goods level (inverted sign) in the manufacturing sector. The measure for this indicator is the arithmetic average of seasonally adjusted balances and the frequency is typically monthly.

 

MCD
MCD represents months for cyclical dominance. Percentage changes of the irregular and cyclical factors are computed for consecutive months (January-February-March, etc.), two-month spans (January-March, February-April, etc.), three-month spans (January-April, February-May, etc.), and so on. MCD is the first interval of months for which the average (without regard to sign) percentage change of the irregular factor (I) is less than that of the cyclical factor (C) and remains so. I/C is a measure of the relative smoothness (or irregularity) of the seasonally adjusted series”. Read more at http://www.nber.org/chapters/c2300.pdf.

 

NET BALANCE
See definition for Balance.

 

NORMALISATION

This transformation of the detrended component series is required prior to aggregation into CLI in order to express the cyclical movements in a comparable form, on a common scale. The method used to calculate normalised indices is to subtract the mean from the observed value and then to divide the resulting difference by the mean absolute deviation. Finally the series is relocated to have a mean equal to 100.

 

ORDER BOOKS: LEVEL8
In the OECD harmonised questionnaire the question asked is “Excluding normal seasonal changes, do you consider your current overall order books to be..? [(1) Above normal, (2) normal, (3) below normal]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.

 


ORDERS INFLOWS TENDENCY
In the OECD harmonised questionnaire the question is asked in the manufacturing sector and formulated as follows - “How have your company’s new orders changed over the past 3- 4 months? [It has (1) increased, (2) unchanged, (3) decreased]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers) and the question is usually asked quarterly.

 


PERIODICITY & TIMING
Surveys should be carried out monthly with the possibility to include a few additional questions every quarter or half-year. If quarterly, the questionnaires should be carried out in January, April, July and October. Despite the periodicity, monthly and quarterly surveys should follow this timing:

  • the questionnaires should reach respondents no later than the 25th of the month t (where t is the month for which information is detected);
  • respondents should send back completed questionnaires no later than the 10th of the month t+1, and
  • results should be published no later than the end of the month t+1.

 

PRODUCTION: TENDENCY
In the OECD harmonised questionnaire the question is asked in the manufacturing sector and is formulated as follows, “Excluding normal seasonal changes, how has the production for your company changed over the past 3-4 months? [It has (1) increased, (2) unchanged, (3) decreased]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.

 


PRODUCTION: FUTURE TENDENCY
In the OECD harmonised questionnaire the question is asked in the manufacturing sector and is formulated as follows “Excluding normal seasonal changes, how do you expect your company’s production to change over the next 3 months? [It will (1) increase, (2) unchange, (3) decrease]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.

 

QUALITATIVE DATA
The data collected in BTS and COS are qualitative data since the respondents are required to assign qualities to the items of interest instead of quantities. For example, they may be asked to say whether the order books are "higher", "lower" or "same" compared with the previous period. The qualitative data obtained in business tendency and consumer opinion surveys are also described as "categorical" because respondents are required to choose between two or more response categories, such as "better", "same", "worse".


QUANTITATIVE DATA
The data collected in most statistical surveys are quantitative in contrast to the qualitative data collected in business tendency and consumer opinion surveys. Quantitative data are expressed in numbers, tons, litres, amounts of expenditures, etc.

 

REFERENCE SERIES
Cyclical indicator systems are constructed around a reference series. The reference series is the economic variable whose cyclical movements the CLI intendeds to predict. In the OECD system, the index of total industrial production was used as the reference series up to April 2012. Starting from April 2012 Gross Domestic Product (GDP) is used as the reference series except for China.

 

RETAIL CONFIDENCE INDICATOR
The index corresponds to the arithmetic average of balances of business situation tendency, business situation future tendency and stocks (inverted sign) in the Retail sector. The measure for this indicator is the seasonally adjusted arithmetic average of balances and the frequency is typically monthly.

 


SEASONAL ADJUSTMENT
The seasonal component in time series corresponds to the regular movements observed in quarterly and monthly time series during a twelve-month period. Examples of these include increases in retail sales data during the Christmas period or the fall in industrial activity during vacation periods. In addition to the effect of seasonal influences, a second type of variation which is also linked to the calendar can be observed. This is the trading day effect. For “flow” data (i.e. data calculated by adding daily figures) the trading day effect arises because of the varying number of such days in a month. For example, a monthly time series of retail sales would be affected by the number of Saturdays in each month. In the case of “stock” data referring to a particular period in the month (for instance the last working day) the calendar effect corresponds to the importance of the day of the week when data are measured. Presenting a time series from which the seasonal movements have been eliminated allows the comparison of data between two months or quarters for which the seasonal pattern is different
In many industries, managers are aware of the seasonal patterns affecting their business production, sales, stock levels, etc. It is therefore important to tell the respondents whether or not they should take it into account in their answers. This information can be given as part of the general instructions that will accompany the questionnaire, but common practice is to repeat the instruction in all questions where seasonality is likely to be important. As a good practice, questions will then start with a phrase such as “Ignoring seasonal factors, are stocks of finished goods…?” or “Excluding seasonal variations, are sales…?” However, experience in handling BTS data shows that this tends to reduce seasonality but does not eliminate it entirely.
It is therefore recommended that time series of balances are tested for seasonality and, if any seasonal variation is found, it should be removed.


SELLING PRICES: FUTURE TENDENCY9
In the OECD harmonised questionnaire the question asked is “Excluding normal seasonal changes, how do you expect your selling prices to change over the next 3- 4 months? [It will (1) increase, (2) unchange, (3) decrease]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers), and the question is usually asked in the monthly questionnaire.

 


SERVICES CONFIDENCE INDICATOR
The index corresponds to the arithmetic average of balances of business situation tendency, demand tendency and demand future tendency in the Services sector. The measure for this indicator is the seasonally adjusted arithmetic average of balances and the frequency is typically monthly.

 

SMOOTHING
Smoothing eliminates the noise from the series, and makes the cyclical signal clearer. Up to December 2008 component series were smoothed according to their MCD (months for cyclical dominance) values to reduce irregularity. Starting from December 2008 the OECD has decided to replace the combined PAT/MCD approach with the Hodrick-Prescott (HP) filter to perform de-trending and smoothing in a single operation. The HP-filter is operated as a band-pass filter with frequency cut-off at 12 months for high frequency components (smoothing) and with frequency cut-off at 120 months for low frequency components (de-trending).

 

STOCK OF FINISHED GOODS: LEVEL10
In the OECD harmonised questionnaire the question asked is “Excluding normal seasonal changes, do you consider your current firm's stock of finished products to be..? [(1) Above normal, (2) normal, (3) below normal]”. The measure used for this indicator is a seasonally adjusted balance (difference between positive and negative answers in % points of total answers) and the question is usually asked monthly.


TYPE of VARIABLES
The list of desirable variables included in the OECD harmonisation system can be found here. Questions can differ in the basic form (level or change, mainly) and in the period covered.

Regarding the form of the questions and the measurement scale, respondents are offered a three-option ordinal scale such as:

  • Up/same/down (for questions in change form)
  • Above normal/normal/below normal (for questions in level form)

Exceptions: questions about capacity utilisation require answers in per cent of the rate of utilisation, while other questions such as the presence (or absence) of the various factors that might limit production require a yes/ no answer.

The period covered for questions in change form, is typically 3-4 months (or one quarter depending on the periodicity of the survey), and usually refers to past versus present changes. For questions concerning future changes the period covered should be of 3-4 months, unless otherwise stated, (i.e. questions on future business situation covering the next 6 months). For question in level form there is no reference to the period covered as the question refers to the present.

 

TREND
In time series analysis, a given time series can be decomposed into:

  • A cyclical component,
  • A trend component,
  • A seasonal component,
  • An irregular component. 

Since December 2008 the OECD uses the Hodrick-Prescott (HP) filter to estimate the trend. Up to December 2008 the method of trend estimation adopted by the OECD was a modified version of the phase-average trend (PAT) method developed by the United States NBER.

 

TREND-RESTORED CLI
The trend restored CLI is composed of the trend of the reference series and the amplitude adjusted CLI. It is comparable with the original reference series.

 

TURNING POINT
A turning point occurs in a series when the deviation-from-trend series reached a local maximum (Peak) or a local minimum (Trough). Growth cycle peaks (end of expansion) occur when activity is furthest above its trend level. Growth cycle troughs (end of contraction/recession) occur when activity is furthest below its trend level. In addition, turning points should respect various censoring rules. In the simplified Bry-Boschan procedure, used in the OECD CLI system for turning point identification, these censor rules guarantee the alternation of peaks and troughs, while ensuring that phases last not less than 9 months and and cycles last not less than 2 years. OECD CLI reference turning points can be found here.

 

WEIGHTING
Component series are equally weighted in the aggregation process into a country CLI. On the other hand, GDP share on a Purchasing Power Parity basis (GDP-PPP) weights are used to estimate the CLIs for groups of countries, i.e. zone.

Access the latest weights for aggregating zones:

CLI


BCI
CCI

 

 

YEAR-ON-YEAR GROWTH RATES (YoY)
Alternatively called the '12-month rate of change', this rate is calculated by dividing the figure for a given period t (a month or a quarter in relation to the frequency of the data) by the value of the corresponding period in the previous year. Let R(t) and C(t) be respectively the Year-on-Year growth rate and the CLI at t is:

For monthly data: R(t)={[C(t)/C(t-12)]-1}*100
For quarterly data: R(t)={[C(t)/C(t-4)]-1}*100

 

ZONE
In addition to the individual country series OECD calculates zone aggregates for CLIs and reference series included in the OECD CLI framework. Five indicators (the amplitude adjusted CLI, the normalized CLI, original reference series, the trend of the reference series and the normalized detrended reference series) are calculated using a chain linking formula, with country components weighted according to their GDP share (on a Purchasing Power Parity basis). Weights are changed every five years. Four other indicators are calculated or derived from the five indicators above. This is done to preserve the relationship between the different indicator types. The derived indicators are: the trend restored CLI and its 12month rate of change, the ratio to trend of the original reference series and the 12 month rate of change of the reference series.

 More detailed information is available in the CLI zone aggregation methodology document. The list of zones and their country composition is available on the OECD website

 

  

  


Notes

1. This question is asked in the Manufacturing and Retail Trade (where business activity corresponds to sales) sectors.

2. For some countries, the time horizon may differ (i.e.1 or 6 months). See country metadata for departures.

3. This question is asked in the Retail Trade, Services and Construction sectors.

4. This question is asked in the Manufacturing sector as a level (for export order books) and in the Services sector as a tendency

5. This question is asked in the Services sector and in Retail Trade (orders placed with suppliers).

6. This question is asked in the Services sector only. 

7. This question is asked in the Manufacturing, Construction, Services and Retail Trade sectors.  

8. This question is asked in the Manufacturing and the Construction sectors.

9. This question is asked in the Manufacturing and the Construction sectors.

10. This question is asked in the Manufacturing and the Retail Trade sectors (Volume of stocks).

 

Permanent urls for this page:  www.oecd.org/std/cli/glossary

 

 

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