## 3 Evolved Indicators
\begin{table}
\begin{tabular}{p{113.8 pt} p{113.8 pt}} \hline \hline
**Country** & **Evolved Industrial Confidence Indicators** \\ \hline Austria & \(0.10*B1_{t}+0.02*B10_{t-2}+0.01*B1_{t-2}+0.01*B2_{t}-0.01*B4_{t-4}\) \\ Belgium & \(\dfrac{B11_{t-1}+B11_{t-2}-B14_{t}*B5_{t-1}+B8_{t-3}}{B11_{t-3}+B8_{t}}\) \\ Bulgaria & \(10.01*\dfrac{B1_{t}+B5_{t-2}}{B11_{t}}\) \\ Czech Republic & \(0.10*\dfrac{-B1_{t-2}*(B8_{t-2})+(B2_{t-2}+(B5_{t}-10.01)*B8_{t-2})*(B5_{t}+B5 _{t-2})}{B2_{t-2}+(B5_{t}-10.01)*(B8_{t-2})}\) \\ Denmark & \(0.10*\dfrac{-B1_{t}+(B1_{t}+20.01)*(B1_{t}+B10_{t-3})}{B1_{t}+20.01}\) \\ Finland & \(0.05*B1_{t}+0.10*B5_{t}+0.05*B9_{t-1}-1.01\) \\ France & \(0.10*B10_{t}+0.10*B11_{t-1}-0.10*B11_{t-4}+1.01\) \\ Germany & \(\dfrac{0.10*(B10_{t-1})*(B1_{t}+B10_{t-1}+B14_{t-2})+1.01}{B10_{t-1}}\) \\ Greece & \(\dfrac{0.23*B1_{t}*(B11_{t})*(B11_{t-4})-B11_{t-4}-(B1_{t-4}*B9_{t}-B1_{t})*(B 11_{t-4})}{(11_{t})*(11_{t-4})}\) \\ Hungary & \(\dfrac{-0.51*B1_{t-4}+13.10*B5_{t}-B6_{t-2}*B7_{t-1}}{B11_{t}}\) \\ Italy & \(\dfrac{-B1_{t-3}+B2_{t}+B5_{t-1}+2.01*B9_{t}}{B8_{t-3}}\) \\ Netherlands & \(0.01*B2_{t-1}+0.11*B5_{t}+0.10*B5_{t-1}+0.01*B9_{t-1}\) \\ Poland & \(\dfrac{0.28*B9_{t}}{0.28*\dfrac{B11_{t-3}}{B3_{t-4}}+B8_{t-3}+4.24}+3.52\) \\ Portugal & \(0.10*B12_{t}-0.10*B14_{t-4}+0.10*B4_{t-3}+0.10*B5_{t}+0.10*B5_{t-1}+0.23\) \\ Romania & \(0.31*B5_{t-1}-\dfrac{0.92}{\left(\dfrac{B2_{t-1}+3.31}{B11_{t-4}}\right)*(B5_{t- 1})}\) \\ \hline \hline \end{tabular}
\end{table} 
Table 1: Evolved industrial confidence indicators. \begin{table}
\begin{tabular}{l c} \hline \hline
**Country** & **Evolved Industrial Confidence Indicators** \\ \hline Austria & \(\dfrac{2.01*\text{C11}_{t}+\text{C12}_{t-2}+2.01*\text{C4}_{t-2}-\text{C5}_{t-3}- \text{C9}_{t-2}}{\text{C12}_{t-1}}\) \\ Belgium & \(\dfrac{\text{C13}_{t-3}+\text{C14}_{t-1}+\text{C2}_{t-2}*\text{C3}_{t-2}}{ \text{C10}_{t}+\text{C13}_{t-3}}\) \\ Bulgaria & \(\dfrac{0.10*\text{C6}_{t-1}*(\text{C10}_{t}+2.01*\text{C7}_{t})-(\text{C10}_{ t}+\text{C7}_{t})*\text{C14}_{t-2}}{\text{C14}_{t-2}}\) \\ Czech Republic & \(0.10*(-\text{C15}_{t-2}+\text{C3}_{t}+\text{C8}_{t}-\text{C9}_{t-4})\) \\ Denmark & \(\dfrac{\text{C3}_{t}*\text{C7}_{t-2}+(\text{C11}_{t-1})*(\text{C12}_{t-3}+ \text{C3}_{t}+\text{C4}_{t-3}-\text{C5}_{t-2})}{(\text{C11}_{t-1})*(\text{C12} _{t-3})}\) \\ Finland & \(0.10*\dfrac{-\text{C15}_{t-4}*(\text{C3}_{t-2})+(\text{C3}_{t}+\text{C8}_{t-4} )*(-0.50*\text{C8}_{t-4}+\text{C10}_{t-3}*\text{C3}_{t-2})}{-0.50*\text{C8}_{t- 4}+(\text{C10}_{t-3})*(\text{C3}_{t-2})}\) \\ France & \(2.06+\dfrac{0.15*\text{C13}_{t-3}}{\text{C3}_{t-1}}-\dfrac{1.85*\text{C1}_{t- 4}}{\text{C13}_{t-2}-\text{C3}_{t-1}}\) \\ Germany & \(0.05*\text{C10}_{t-2}+0.04*\text{C4}_{t-1}-0.05*\text{C5}_{t-2}-0.05*\text{C7} _{t}+1.86\) \\ Greece & \(0.10*\text{C15}_{t-3}-0.10*\text{C2}_{t-1}+0.10*\text{C7}_{t}-1.01\) \\ Hungary & \(4.54+\dfrac{0.14*\text{C13}_{t}}{\text{C9}_{t}}+\dfrac{3.03*\text{C8}_{t}}{ \text{C3}_{t}-\text{C13}_{t-1}}\) \\ Italy & \(\dfrac{\text{C6}_{t-4}*(-\text{C6}_{t-4})}{\text{11}.01*\text{C6}_{t-4}-\text {C10}_{t-2}+20.50}\) \\ Netherlands & \(\dfrac{\text{C14}_{t-1}+\text{C1}_{t-2}+\text{C6}_{t-4}+2.01*\text{C7}_{t}+ \text{C9}_{t-1}}{\text{C13}_{t-4}}\) \\ Poland & \(\dfrac{\text{C14}_{t-1}+\text{C14}_{t-2}+\text{C8}_{t-1}*\text{C9}_{t}+\text {C7}_{t}}{\text{C15}_{t-1}}\) \\ Portugal & \(\dfrac{\text{C14}_{t-1}+\text{C14}_{t-3}-\text{C2}_{t-2}+\text{C12}_{t-4}* \text{C5}_{t-3}-\text{C12}_{t-4}*\text{C2}_{t-2}}{\text{C13}_{t-4}}\) \\ Romania & \(\dfrac{4.65*\text{C10}_{t}-\text{C2}_{t}+\text{C13}_{t-4}+4.65*\text{C7}_{t}}{ \text{C8}_{t}}\) \\ Slovenia & \(\dfrac{\text{C14}_{t-1}-\text{C6}_{t-1}+\text{C7}_{t}-2.01*\text{C8}_{t}}{ \text{C11}_{t-2}}\) \\ Spain & \(-5.17*\text{C1}_{t}+0.76*\text{C15}_{t}-2.01*\text{C3}_{t-1}+4.44*\text{C9}_{t}\) \\ \hline \hline \end{tabular}
\end{table} 
Table 2: Evolved consumer confidence indicators.