According to an IOBE (Foundation for Economic & Industrial Research) study, the economic environment improved in March as a result of a significant increase in industry. 

In particular, the Business Expectations Index in Industry rose in March to 111.9 points from 101.6 points in February, higher than the 109.2 points recorded in the corresponding month of 2023.

Additionally, according to IOBE data, the balance of forecasts for employment in industry is now positive, while the forecast indicator for production is sharply up and the balance of forecasts for prices is also positive.

According to IOBE, the estimated strengthening of part of international trade seems to favour the country's outward-looking industries, as well as service sectors operating in international markets (transport and shipping).

In addition, it is noted that the sustained momentum of domestic demand seems to maintain positive expectations, although inventories are generally at a high level. In particular, the improvement in production forecasts boosted the indicators for consumer and capital goods, while the rise was stronger for intermediate goods.

The IOBE noted, however, that the factory capacity utilization rate fell to 72.9% in January (from 76.3%) last October, with assured production at 5.5 months from 4.6 months in October 2023.