THE IJG Business Climate Index declined by 5,5 index points in March to reach 142.4 basis points. In February, the index declined by one point when compared to January.
Metal prices continued to soften in March on account of weakening demand for ferrous metals from
On top of the commodity price declines, the value of building plans completed declined almost five fold, following a bumper month in February. On the other hand, vehicle sales once again broke record levels in March, increasing to a total of 1 859 vehicles sold from the previous record of 1 728 vehicles sold in February.
The investment, export and leading indicators all declined in March, relative to February, but remain up on a quarter on quarter basis. The consumption index expanded notably, on account of a 28% increase in passenger vehicle sales, as well as strong growth in private sector credit extension.
The IPPR said the leading indicator decline was almost entirely on account of a decline in value of building plans passed which is not expected to continue in the coming months.
The factors behind the March decline in the index are largely temporary.
"However, slowing metal prices on account of weaker demand from
The Index is based on 13 broad economic indicators that are likely to impact on the domestic business environment. All indicators have the same weight except for company registration data, which has a significantly lower weight to reduce its volatility on the overall Index.
The Investment Index is based on commercial vehicle sales, real value of building plans completed, NSX local index, company registrations, real credit extension, average prime lending rate, and the future oil price.
The Consumption Index is based on the National Consumer Price Index, the
The Export Index is based on the
The Leading Indicator is based on deflated average metal prices, commercial vehicle sales, real value of building plans approved, the NSX local index, defensive name registrations, the average prime lending rate, and the future oil price.
The Coincident Indicator is based on the National Consumer Price Index, the
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