Apart from expected capacity utilization, executives were more pessimistic on all sub-indicators than in October.

The assessment of the investment outlook fell the most, dropping 17 points. Large firms are more optimistic about their current order stock, current business situation, current and projected profitability, projected headcount and projected capacity utilization.

SMEs are more optimistic concerning production in the last six months, the production outlook, projected business situation and the investment outlook.

The gauge of confidence was the highest among companies in the construction sector, at +40 points. This was followed by +39 points for companies in the service sector, +32 points in the commerce sector and +27 points in the manufacturing sector.

The value of the quarterly uncertainty index stood at +37 points in January, down two points from October. GVI surveyed 350 executives for their opinions on the business situation and prospects of their company.