Business Optimism Index - Saudi Arabia Q3 2010

Highlights
The Business Optimism Index for hydrocarbon sector has improved significantly to 43 in Q3 from 21 in Q2 due to an
improvement in selling prices outlook; suggesting that oil is perceived to be oversold during the recent market correction
where oil prices fell 20% from their early May peak

The Business Optimism Index for the non-hydrocarbon sector, in contrast, has dropped by 12 points to 49 driven by a
drop in sales volume and selling price outlook

The Manufacturing sector, in contrast to the other four non-hydrocarbon sectors, expects demand to stay robust as the
BOI for both Sales Volume and New Orders remain relatively unchanged

Hydrocarbon sector
The global economy had a déjà vu moment as sovereign default Crude oil prices continued to face wide fluctuations during
concerns of Greece reappeared in World headlines; which Q2 on the back of another round of worries (similar to the
many now believe could have a contagion effect on other February 2010 selloff ) encompassing Euro Zone sovereign
EU economies. Consequently, the global financial markets debt. After touching a high of USD 84 on growing confidence
faced headwinds for the second time this year on mounting that recovering global economy would boost demand for
fears that Euro Zone debt troubles could severely impact the the commodity, the price of crude oil corrected by a massive
nascent global economic recovery. In a bid to contain the 20% within a short duration to USD 67 on concerns that if
Greek crisis from spreading and to calm growing fears of the Greek sovereign crisis spreads, the demand for oil would be
financial markets, member Euro Zone nations have launched significantly affected.
an emergency rescue package worth USD 1 trillion. But the
severe austerity measures implemented by many Euro Zone The D&B BOI survey reveals that despite the global economy
economies with an aim of cutting high fiscal deficits could witnessing troubles due to the Euro Zone debt crisis,
hamper growth of the region in the near term. The balancing act Saudi Arabia’s hydrocarbon sector optimism has increased
between fiscal stimulus to support the recovery and austerity substantially for the third quarter. The BOI for Level of Selling
measures to cut ballooning deficits will be a major theme Prices, which has jumped by 22 points to 40, is the major
throughout 2010 and will influence business sentiments. factor driving the composite score for the hydrocarbon sector.
The improvement in optimism level for selling price suggests
Hydrocarbon - Composite BOI that the oil prices fell too sharply last quarter and many
60 46
41 43
respondents believe that the commodity was oversold in the
40 30
21 international commodities markets and a trend reversal could
20 be expected in the third quarter. The uptrend witnessed in
1
0 the optimism for selling prices has in turn lifted the BOI score
-2
-20
for the profitability as well which stands at 52 for the third
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 quarter as against 18 in the last quarter. Similarly, the BOI for
Number of Employees has increased by 10 points to 40 for
 Dun & Bradstreet’s
Business Optimism Index - Saudi Arabia
the third quarter. The sector respondents however continue
to choose project delays as a major factor which might affect
their business activity if oil prices correct sharply and stay low
persistently.
Non Hydrocarbon Sector
Non Hydrocarbon Sector
80
62 61
60
49
41
30 35
40
20 8
0
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
In contrast to an improvement witnessed in the BOI for the
Saudi hydrocarbon sector, the business sentiments for the
non hydrocarbon sector have weakened in the third quarter.
The recent trouble of Euro Zone is keeping policy makers in
cautious mode and has induced many governments across
the world to continue their stimulus measures. Consequently,
the Saudi Central Bank (SAMA) has left its key interest rates
unchanged in May to support its economy to counter any new
troubles witnessed in the international financial markets.
The BOI survey reveals that the Saudi non hydrocarbon sector
is expecting a decline in demand levels in comparison to the
previous quarter as the BOI for Volume of Sales and New
Orders are recorded at 55 and 60 respectively as compared to
72 and 69 in the previous quarter. The outlook for the level
of selling price, which has remained in line with the recently
recorded year high inflationary figure of 5.4% in May, has
fallen for the first time in the last four quarters. The BOI for
the parameter is down 19 points to 23 in the third quarter
and is the major contributor to the decline recorded for the
composite BOI of the non hydrocarbon sector. Consequently,
the BOI for Net Profits for the non hydrocarbon sector has also
recorded a dip which now stands at 64 as compared to 74 in
the last quarter.
Respondents’ optimism with respect to hiring has however
remained virtually unchanged, dropping by a minor three
points to 44 in Q3. The BOI for Level of Stock has witnessed
a modest decline of seven points to stand at 46 in the third
quarter.
Among the various sectors surveyed, manufacturing sector
is most optimistic regarding sales while construction is
most optimistic for New Orders, Selling Prices, Number of
Employees and Profitability expectations.
Recent figures from SAMA reveal that lending to the private
sector was up slightly in April, rising 0.65%, the highest
level this year so far. The BOI survey reveals that 32% of the
respondents in the non hydrocarbon sector are concerned
about availability of finance in the third quarter. A clear sign,
that although lending is gradually picking up in the Kingdom,
it is far away from the levels witnessed during the boom period.
Manufacturing sector continues to face pressure due to high
raw material costs as a massive 78% of the respondents are
concerned about it.
Sector Analysis
Manufacturing sector
Manufacturing activity all around the World has broadly been
expanding since mid 2009; a sign that gradually improvement
in business and consumer confidence is fueling demand for
most commodities. The JP Morgan Global Manufacturing
PMI for the month of May was recorded at 57.2, slightly lower
than the six-year high figure of 57.8 recorded in the previous
month. The rate of growth remained robust in US, UK and
Japan but was sharply lower in a few Euro Zone countries.
Manufacturing - Composite BOI
80 70
62
60 53 53
35
40
20
0
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
The outlook for Saudi Arabia’s manufacturing sector has
however suffered a dip for the second consecutive quarter.
This is mainly on account of a massive decline witnessed in
the BOI for the Level of Selling Prices which stands at 22 as
compared to 41 in the preceding quarter. However, demand
levels for the Saudi Manufacturing sector is expected to stay
robust as BOI for Volume of Sales and New Orders is recorded
at 70 and 64 respectively, virtually unchanged from the levels
recorded in the second quarter. This, in fact, has helped
curtail the negative impact of the weak Selling Price outlook
on the BOI for Net Profits (down five points) which otherwise
would have had a major impact on the profitability of the
industry players. The BOI for Number of Employees and Level
of Stock has dipped by 20 point each to stand at 39 and 49
respectively.
High raw materials cost is a concern for 78% of the respondents
in the manufacturing sector. For 13% of the respondents,
availability of finance is a major factor which might impact
their business in the third quarter. In light of the fragile global
economic recovery and uncertain outlook, a significant 55%
2
of the respondents have no investment plans for expanding
their business, while 31% are expected to increase their scale
of operations.
Construction sector
The global construction industry is expected to remain
heavily reliant on government spending to stimulate
economic growth and create jobs for the remaining part of
the year. With the exception of a few emerging economies
like China, India and Brazil, the private sector demand is
forecast to remain sluggish in the short term and the majority
of growth in construction would be driven by infrastructural
work. In line with this trend, the Saudi Arabia’s budget for
2010 has also allocated a remarkable 40% (SAR 260 bn) of
the total projected government spending towards capital
investment projects, underscoring the determination to build
key infrastructure. This combined with the current shortage
of residential units will keep the activity in the construction
and ancillary sector robust in the near term.
Construction - Composite BOI
70 62
65
56
53
30 34
35
18
0 15
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
The outlook for Saudi construction sector has declined
slightly for the first time after rising for last three consecutive
quarters. The major factor contributing to this decline is the
BOI for Volume of Sales which has retreated by 42 points in the
third quarter. In contrast, the BOI for New Orders has stayed
unchanged (64) from the preceding quarter level, suggesting
that the drop in Volume of Sales could be a one-off blip due
to a slow summer season when demand for construction
activity drops significantly. The BOI for Level of Selling Prices
has also suffered a significant drop of 27 points to stand at
36 in the third quarter. Surprisingly, the BOI for Profitability
has inched up by 11 points to 83 despite a fall expected in
sales volume and selling prices. Similar to the outlook for
profitability, the BOI for Number of Employees and Level of
Stock has increased by 14 and 11 points respectively to stand
at 61 and 54.
The construction industry seems to be most concerned about
availability of finance as a significant 47% of the respondents
in the sector have cited it as a major factor that might have a
bearing on their business activity in the third quarter. This is
followed by raw material cost which is a concern for 30% of
the respondents as prices of major construction materials like
steel, aluminum and copper etc. have lately witnessed wide
fluctuations in commodities market.
Trade & Hospitality sector
Global trade sector is slowly witnessing a revival in demand
as consumer confidence makes a gradual come back. In
a sign that the World’s biggest economy, United States, is
slowly getting back on track, the personal income levels have
witnessed an uptrend during the last quarter which in turn
is pushing consumer spending higher. This is evident by the
fact that the US commerce department in its April report
has stated that consumer spending rose at a 3.5 percent
annual rate in the first quarter, more than double the 1.6
percent pace in the last quarter of 2009. However, there are
concerns over the outlook of trade and industry in a few
developed economies. The European trade sector is expected
to remain depressed, restrained by markets such as Ireland,
Spain, Greece and the UK which are facing problems of high
government borrowing which is currently being addressed
by severe austerity measures.
Trade & Hospitality - Composite BOI
58
60 56
41
45 39
32
30
0
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
The Saudi trade and hospitality sector outlook has declined
sharply during the third quarter mainly on account of a
large decline witnessed in the BOI for Level of Selling Prices.
The BOI for the parameter has retreated by a significant 33
points to stand at 10. The demand levels have however not
declined much in the quarter as BOI for Volume of Sales and
New Orders have both shown only a moderate fall of 11 and 6
points respectively to stand at 52 each. Lower BOI for Selling
Price combined with a fall expected in Sales Volume in turn
has affected the Profitability expectations for the quarter,
as the BOI for the parameter has dropped by 24 points to
45 in the third quarter. Similarly, the BOIs for Number of
Employees and Level of Stock, which are recorded at 38 and
34 respectively in the third quarter, are down by eight and
four points as compared to the previous quarter.
The BOI survey reveals that 41% of the respondents are
concerned about raw material costs while 40% consider
availability of finance as a major factor which might affect their
business in the third quarter. A significant 56% of the respondents
have no plans to invest in business expansion as compared
to 37% who intend to invest in expanding their business.
3
 Dun & Bradstreet’s
Business Optimism Index - Saudi Arabia
Transport & Communications
According to the IATA, air freight volumes witnessed a strong
increase towards the end of 2009 and into 2010 and are 28%
up from the troughs witnessed in late 2008. However, the
size of the market is still 3-4% lower than in early 2008. The
uneven pattern of the economic upturn is reflected in regional
flows of air freight, with the Asia-Pacific being the strongest
international market whereas demand in European region is
slowly gaining traction. However, the recent Euro Zone debt
troubles might impact the outlook of the sector, the effects of
which might be felt in the near term.
Transport & Communications - Composite BOI
70
59 56
48
53 46
38
35
18
0 32
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
The Saudi transport and communications sector has witnessed
a drop in business sentiments mainly on account of a steep
decline in the BOI for Volume of Sales which has retreated by
27 points to 49 in the third quarter. Similarly, the New Orders
parameter has also witnessed a decline of 13 points in the
third quarter to stand at 56. The BOI for Level of Selling Prices
has however stayed relatively stable, dropping by a minor
four point to 25. Reflecting the weakness in Volume of Sales
and New Orders, the BOI for profitability is down 12 points
to 65. However, on the positive side, the BOI for Number of
Employees has inched up by 16 points to 46, which suggests
that the current downturn witnessed in Volume of Sales and
New Orders might be reversed in the upcoming quarters.
The sector is most concerned about availability of finance as a
significant 46% of the respondents have cited it as a concern
in the third quarter. This is followed by input costs which is
a concern for 32% of the respondents in the sector. Further,
46% of the companies surveyed have no plans to expand their
business activity, a sign that either overcapacity currently
exists or companies are still cautious about sustainability of
global economic recovery. In contrast, 33% of respondents
are planning to invest in business expansion while 21% are
still not sure about such plans.
Finance, Real Estate & Business Services
The recent debt crisis of Greece and the subsequent correction
witnessed in the international financial markets has once
again made investors risk averse. Also, high levels of fiscal
deficits in many nations will encourage most banks to keep
their conservative lending policies intact until more clear
signs of global economic turnaround are visible. However,
global service sector activity as measured by JP Morgan
Global Services PMI has shown continued expansion. The
May reading was recorded at 56.3, only marginally lower than
the 33-month high reading of 56.8 recorded April.
The global real estate industry is also slowly reviving,
supported by stable credit markets and recovery in economic
growth. The pace of recovery in the real estate sector will vary
across economies, depending on overall macroeconomic
fundamentals. Although significant uncertainties overshadow
the outlook for global real estate markets, stabilization is
expected to take hold and spread across markets during
2010.
Finance, Real Estate Services - Composite BOI
64
70 60
48
53 37
35
18
0
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
The BOI survey reveals that the optimism levels of Saudi
finance and business services sector has witnessed a steep
fall in the third quarter which could be largely associated with
negative global cues. The BOI for Volume of Sales and New
Orders, which has fallen by 20 and 22 points respectively,
have significantly contributed to the overall decline in the
sentiments of the sector. The BOI for Volume of Sales and New
Orders stand at 60 and 59 respectively in the third quarter.
Also, the BOI for Level of Selling Prices which now stands at 24
has decline by 10 points as compared to the previous quarter.
With decline expected in the demand levels and selling
prices, the BOI for Profitability has dropped by 21 points to
56. Similarly, the BOI for Number of Employees has fallen to
40 as against 48 in the last quarter.
The survey further reveals that a significant 40% of the firms
in Saudi’s finance and business services sector are facing
shortage of skilled workers. This is then followed by 27% of
the respondents who are concerned about availability of
finance. The sector is however most optimistic amongst all
other sectors covered in the study on investment plans. A
considerable 57% of the respondents have said that they are
looking forward to invest in business expansion in the third
quarter.
4
Business Issues Appendix
Factors impacting business
Hydrocarbon Sector
The non hydrocarbon sector continues to be concerned with
high raw material costs as 44% of the business units have
Level of Selling Prices
cited it as the major factor which might impact their business
in the third quarter. This is followed by availability of finance Level of Selling Prices
which is a concern for 32% of the respondents as compared 60
43 38
45 40
to 23% in the previous quarter. 40
18
20

0
Which factor will a ffect business m ost? (non
hydrocarbon sector) -20
- 23
- 18
Overall 44 19 5 32 -40

Manufacturing
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
78 6 3 13

Construction 30 20 3 47

Trade & hospitality 41 13 6 40

Transport &
32 18 4 46
After witnessing a step fall of 27 points during the last quarter,
Communication

Finance, Real Estate

24
& Business se rvices
0% 20%
Raw Material Costs
Property prices/rent
For the hydrocarbon sector, project delays continues to be
the main factor that might affect business units.
the BOI for Level of Selling Prices has jumped by 22 points
40 9 27
40% 60% 80% 100%
despite the ongoing troubles in Greece. This turnaround
Availability of skilled labor suggests that industry players believe that oil is oversold in
Availability of finance
the international commodities markets and expect prices to
strengthen in the third quarter.
Net Profits

Which factor will affect your business most? Net Profits

(Hydrocarbon sector) 60
48 48 48
52

38
Project delays 44% 40
23
18
Discovery & development
costs 28% 20

Transport costs 8%
0

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
Availability of skilled labor 20%

0% 10% 20% 30% 40% 50%

In line with expectations of an increase in Level of Selling

Prices, the BOI for Net Profits for the hydrocarbon sector has
Investment plans jumped considerably. After falling by 30 points last quarter,
In the third quarter, 47% of the business units in the non the profitability BOI has jumped to 52, its highest level since
hydrocarbon sector have no plans to invest in business the time such the Optimism study was launched in first
expansion while 40% intend to spur up their business activity quarter of 2009.
on early signs of global economic revival.
Number of Employees
Does your company plan t o invest in business
expansion amid c urrent signs o f global
economic recovery? Number of Employees
Overall 40 47 13 60 50
40
Manufacturing 31 55 14 40 30
27
Construction 44 35 21
20 10
Trade
5
37 56 7 3
& Hospitality 0
Transportation
33 21
& Communication
-20
Finance, Real Estate
57 37 6 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
& Business Service s

0% 20% 40% 60% 80% 100%

Yes No Not sure

5
 Dun & Bradstreet’s
Business Optimism Index - Saudi Arabia
A similar trend is witnessed for Number of Employees with 45% points to 23, suggesting that inflationary pressure might
of the respondents expecting to increase their headcount. subside if we continue to see a similar trend in the near future
The BOI for the parameter has jumped by 10 points to 40. as well.
Net Profits
Non Hydrocarbon Sector
Net Profits
Volume of Sales 80 75 74
70 64

Volume of Sales 60 51

BOI Index
50 42
80 73 72 36
40
70
55 30
60 54
BOI Index

49 20 12
50
38 10
40
0
30
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
20 12
10
0 Lower expectations of Sales Volume combined with the fall
Q1 20 Q2 20 Q3 20 Q4 09 Q1 10 Q2 10 Q3 10
witnessed in the BOI for Level of Selling Prices have had an
obvious effect on the expectations for further improvement
The BOI for Volume of Sales has witnessed a steep fall of 17 in Net Profits as compared to the last quarter. Overall, 71%
points and is one of the main contributors to the decline anticipate an increase in their profitability while 22% expect
witnessed in the overall BOI for the non hydrocarbon sector. no change in their profitability in the third quarter.
While 62% of the respondents anticipate an increase in their
sales volume, 31% foresee no change. Number of Employees
New Orders Number of Employees
60 54
New Orders 50
47
44
BOI Index

76 40
80 69 40
70 60 30 29
60 55 30
52
BOI Index

50 17
20
38
40
10
30
18 0
20
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
10
0
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
In contrast to a moderate decline witnessed for other BOI
parameters, the BOI for Number of Employees has stayed
After touching an all time high of 76 in the first quarter of relatively stable at 44 as compared to the previous quarter.
current year, the BOI for New Orders parameter has fallen for 48% of the respondents expect to increase their headcount
the second consecutive quarter to 60. A significant 67% of the while a similar number of respondents anticipate no change
respondents still expect an improvement in order book while in the Number of Employees.
only 7% are expecting a decline.
Level of Stock
Level of Selling Prices
Level of Stock
Level of Selling Prices 70 62
50 60 53
42
46
40 33 50
BOI Index

30 40
BOI Index

19 23
27
20 30 22
10 20
1 12 10
0
0 10

-10 0
-18
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
-20
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10

The BOI for Level of Stock parameter has witnessed a modest

The BOI for Level of Selling Price has witnessed a continuous decline of seven points in the third quarter. Overall, 56% of
improvement until last quarter and is aligned with the recently the business units surveyed are expecting to increase add
released year-high inflationary figure of 5.4% in May. However, inventories while 34% expect no change.
the BOI for parameter has fallen in the current quarter by 19

6
About Dun and Bradstreet (D&B)
Dun & Bradstreet (NYSE:DNB), the world’s leading source
of global business information, knowledge and insight,
has been enabling companies to Decide with Confidence®
for 165 years. D&B’s global commercial database contains
more than 140 million business records. The database
is enhanced by D&B’s proprietary DUNSRight® Quality
Process, which transforms the enormous amount of data
collected daily into decision-ready insight. Through the
D&B Worldwide Network - an unrivaled alliance of D&B
and leading business information providers around the
world-customers gain access to the world’s largest and
highest quality global commercial business information
database.
Customers use D&B Risk Management Solutions to
mitigate risk, increase cash flow and drive increased
profitability, D&B Sales & Marketing Solutions to analyse
markets, locate prospects and increase revenue from
new and existing customers; D&B Export Marketing
Solutions to gain significant insight into overseas markets
and increase sales; D&B Financial Education Solutions to
facilitate professional growth and excellence among
their executives and D&B Economic Analysis Group to
derive pragmatic and solution-oriented analyses of
strategic economic and business developments, thereby
aiding informed decision making.
D&B features on FORTUNE Magazine’s Most Admired
Companies Industry List, ranking first in the Financial
Data Services category. D&B ranked first in the areas
of employee talent, financial soundness, long-term
investment, quality of management and use of corporate
assets. D&B has achieved this distinction for the second
consecutive year.
Dun and Bradstreet South Asia Middle East Ltd.
Mr. Rajesh Mirchandani
Chief Executive Officer
Dubai International Financial Centre
PO.BOX-506511
Dubai, UAE
Tel: +971 4 3695700
Email: eag@dnbsame.com

About our partners

The National Commercial Bank

The National Commercial Bank was the first bank in Saudi Arabia, established under Royal Decree on the 26th of December
1953, and is the largest bank in terms of capital in the Arab world. The Bank’s paid up capital at year-end 2007 was USD
4 billion. The Bank has been a pioneer in the Saudi banking industry, and was the first bank to offer mutual funds in the
kingdom. Since the beginning of the 1990s the Bank has been one of the trailblazers in Islamic Banking, providing a wide
range of innovative Islamic products and services.

NCB has one of the largest branch networks in Saudi Arabia, and also operates 2 international branch offices in Beirut and
Bahrain, and 3 representative offices in London, Seoul, and Singapore. True to its Islamic roots, the bank has a prominent
role in the area of social responsibility through a range of social programs.

The National Commercial Bank

Ghassan Hussein Badkook
Manager, Corporate Public Relations
Tel: +96626463252
Email: g.badkook@alahli.com
 Methodology
The D&B Business Optimism Index is recognized as
a product that measures the pulse of the business
community and serves as a reliable benchmark for
investors. The D&B Business Optimism Index is arrived at
on the basis of a quarterly survey of business expectations.
It is conducted in various countries that D&B operates in.
Over time, the quarterly survey has emerged as a leading
indicator of turning points in economic activity in these
countries.
A random sample is selected from Dun & Bradstreet’s
commercial database for conducting this survey.
This sample is divided into hydrocarbon and non-
hydrocarbon segments to eliminate the dominance of
the former over the latter and understand their dynamics
individually. The hydrocarbon segment includes Saudi
Arabia’s mining, oil and gas companies whereas the non
hydrocarbon segment encapsulates in its purview the
following sectors:
Manufacturing (120 units)
Construction (80 units)
Trade, restaurants & hotels (87 units)
Transport & communications (73 units)
Finance, insurance, real estate & business services
(100 units)
This is a representative sample of Saudi Arabia’s economy.
The survey respondents are asked if they expect an
increase, decrease or no change regarding the following
parameters: Volume of Sales, Net Profits, Level
For private circulation only
Copyright Dun and Bradstreet
Reproduction and transmission in any form without prior permission is prohibited. All rights reserved.
While Dun & Bradstreet endeavors to ensure accuracy of information contained in this publication, it does not accept any responsibility for any loss or
damage to any person resulting from reliance on it.
of Selling Prices, New Orders received, Level of Stock,
and Number of Employees.
The individual indices for each of the above parameters
are then calculated by subtracting the percentage of
respondents expecting decrease from those expecting
increase.
Additional poll questions are asked relating to the
current economic scenario and are aimed at gauging the
business sentiments with regards to several key current
issues.
For the purpose of the survey, Q1 is the period between
January and March, Q2 is the period between April and
June, Q3 is the period between July and September, and
Q4 is the period between October and December each
year.
Composite Business Optimism Index
The purpose of the Composite Business Optimism Index
is to capture the aggregate weighted behavior of all the
six individual indices in the non hydrocarbon sector and
three indices in the hydrocarbon sector. Beginning in Q3
2010, D&B has further introduced composite indices for
all sub-sectors in the non-hydrocarbon sector to allow
one indicator to summarise optimism levels in each of
these sub-sectors.