1. PROCESS Receive data from Institutes Load data in Fame database Seasonally adjust the data Calculate Composite indicators Calculate Aggregates (EU/euro area) Present results in press release Make data available on the internet

2. Seasonal Adjustment Used method: Dainties Advantage: No recalculations when new data arrives Disadvantage: Not commonly used by other institutions.

3. COMPOSITE INDICATORS Confidence Indicator for each sector Average of balance of selected questions Economic Sentiment Indicator: Industry Confidence Indicator (40%) Consumer Confidence Indicator (20%) Retail Confidence Indicator (20%) Construction Confidence Indicator (20%) Service sector is NOT included in ESI Business Climate Indicator

4. Aggregates EU Eurozone Future Member States

5. Press Release Last working day of the month at 12.00h All Member States + Agregates All Sectors + Confidence Indicators All Questions (Balances) (not for FMS) Last 12 months Monthly special topics –Quarterly survey –World Economic Survey –FMS components –Investment plans –Export Volume –Capacity Utilisation

6. Data on Internet Press releases Historical data (back to 1985) in EXCEL User Guide http://europa.eu.int/comm/economy_financ e/indicators/businessandconsumersurveys _en.htm

7. Comparison with National data Not only aggregates, also countries National Institutes often earlier Collection is harmonised (questionnaire) Presentation of Data is not Outcomes may differ

15. Differences Kind of differences Level vs development Long term vs short term Cause of differences Coverage Seasonal Adjustment method Different questions used