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Business confidence remains surprisingly resilient

The RMB/BER Business Confidence Index declined by one index point during the second quarter to a level of 26 from 27 during the first quarter. The second quarter survey was conducted between 4 May and 2 June 2009. As was the case during the first quarter, the decline in business confidence levels is surprisingly small in view of the poor actual business conditions. This points to perceptions that the economy is approaching the lower turning point of the present cycle. Confidence declined in the building & construction sector (-10), the manufacturing sector (-5) and the retail sector (-5); it recovered somewhat in the both the wholesale (+5) and motor trade (+7) sectors.

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