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The increase of the indicator, which has been above the long-term average for the last six months, is primarily a consequence of an improvement in the services sector, according to the office.

In the services sector, the business sentiment indicator improved by 3 percentage points over September and by 22 points over last October, to stand two points above the long-term average.

The indicator for manufacturing was up by one percentage point compared to September and by seven points year-on-year, and it was five points above the long-term average.

The sentiment in retail also improved, as the relevant indicator jumped by six percentage points over the month before and by one point year-on-year, to stand five points above the long-term average.

The main factor for improvement was a better sales estimate, while the surveyed companies named low demand, high labour costs and competition in the sector as the main limiting factors.

The business sentiment indicator for the construction sector was up by two percentage points on the monthly level and by seven points on the annual level, to stand nine points above the long-term average.

Builders named strong competition, insufficient demand and high costs of labour and material as the main limiting factors in the sector.