TEPE Positive Despite the Slowdown in Recovery TEPE remained in the positive zone despite the slowdown in recovery and stood at 3.7 in March 2011.

Even though TEPE that had met 2011 with an upward trend slowed down slightly, the index stood at 3.7 in March 2011. TEPE therefore increased by 0.8 points month-on-month and by 9.2 points year-on-year.

In March 2011, expectations for the next three months did not change considerably. 52.8 percent of the TEPE survey participants expected an improvement in business activities in the next three months whereas 22.2 percent expect a deterioration in business activities. This implies an improvement by 17.6 points compared to March 2010 and by 0.4 points compared to February 2011.

The difference between the participants who declared a year-on-year improvement in business activities and who declared a year-on-year deterioration in business activities increased by 24.6 points compared to March 2010 and decreased by 0.7 points compared to February 2011.

In March 2011, EU-27 Retail Index stood at -0.7 indicating a month-on-month increase at 0.9 points and a year-on-year increase at 3 points. As in January and February 2011, EU-27 Retail Index remained below the TEPE in March 2011.

Analysis of the performance of sub-sectors reveals that in March 2011, electrical household articles, radio and televisions sector performed better than other sectors. Foods, beverages and tobacco products sector; textiles, ready-made clothing and footwear sector; and others sector performed better than the average while motor vehicles and non-specialized stores performed worse than the average. n.e.c. furniture and lighting equipments sector held the worst performance losing position compared to the year before.

Detailed results of the TEPE survey questions reveal a strong recovery in almost all indicators compared to the same period in the year before and a slight month-on-month change. Compared to March 2010, business activities in comparison with the year before and to three months ago recovered substantially. This is followed by the recovery in the expectations for sales, sales prices and orders placed with suppliers in the next three months. Employment expectations increased compared to March 2010 and decreased by 0.2 points compared to February 2011.