The author presents the results of an empirical analysis of indices of economic activity based on a sample investigation which was conducted in manufacturing industry from June 1992 to September 1995. The analysis confirms the thesis that the qualitative indiced are highly sensible to changes that occur in both enterprises and the economy. Hennce, they can be useful for diagnostic as well as forecasting purposes. Indices of economic climate as well as those of economic perception display a high degree of compatibility with the real dynamics of production. However, the time series available are too short for the determination of lags and leads between them, and thereby for the determination of the predictive value of qualitative indices.