The business confidence indicator reflects the mood among entrepreneurs in the Dutch non-financial private sector. Business confidence is measured in each individual sector using the entrepreneurs’ responses to survey questions about recent developments and expectations, including turnover developments. The business confidence indicator is formed as a weighted average of confidence levels in each sector of industry. It provides an indication of the direction in which the Dutch economy is expected to develop. The questions on the basis of which business confidence is compiled are taken from the Netherlands Business Survey (COEN). This survey is conducted among enterprises with 5 or more employed persons in the non-financial private sector. These are all businesses, excluding banks, insurance companies and pension funds.