Figures published by Luxembourg’s Central Bank (pdf) on Tuesday, placed the overall confidence indicator at 18, down from a historic high of 20 in January.

Indeed, in January, almost all indicators recorded a positive progression from December 2017, making them tough to beat and even maintain in February.

But improvements were made: expectations about unemployment in the following year fell slightly from -8 to -7 and households’ capacity to squirrel money away, inched up from 49 to 51.

The economic outlook for the grand duchy over the following 12 months, meanwhile, fell from 15 to 10 and households’ finances dropped from 6 to 3.