The Industrial Confidence Indicator decreased from –0.05 for the 3rd quarter of 2008 to –0.27 for the 4th quarter which is the lowest value since 2003. Just as in the previous quarter the indicator decrease is essentially due to deteriorating production plans for the next three months. However, the other two components of the indicator (production expectations and assessment of the stock of finished goods) have also significantly decreased. The assessment of the volume of present orders has worsened: from –0.64 for the 3rd quarter to –0.72 for the 4thquarter. As to the third component of the indicator – the stock of finished goods – after its increase in the previous quarter it has decreased again to the 2007 level and amounts to –0.29.