Overview
- The IGOEC stood at 48.5 in December 2025, up 0.1 month on month but down 3.5 points year on year, extending a 10‑month stretch below the 50 optimism threshold.
- All sectors posted annual declines in 2025, led by Commerce (−4.1 points), followed by Construction and Private Non‑Financial Services (−3.7 each) and Manufacturing (−2.3).
- Construction remained the weakest at 45.0, falling 1.0 point from November and registering 16 consecutive months under 50, as its investment component dropped 2.3 points.
- Manufacturing edged up to 48.9 with a slight monthly gain yet stayed in pessimistic territory for a tenth straight month; Services rose to 49.2, logging a third month below 50.
- The ‘right time to invest’ gauge continued to weigh on sentiment, though Commerce saw a 1.4‑point monthly improvement in that component.