The results of the 2019Q2 round, conducted in the second half of May, suggest that economic conditions in free zones around the globe have deteriorated compared to the previous three months. The share of free zones reporting good economic conditions fell from 56 percent in 2019Q1 to 47 percent. Another 47 percent evaluate their current situation as normal, while the share of free zones experiencing poor conditions has increased slightly from 5 to 7 percent. This translates into an F-WEB Economic Conditions Index of 40, down from 51 in 2019Q1. Thus, after two consecutive quarters with increasing optimism, the F-WEB indicator has dropped to its second-lowest level since its launch. At the same time, the expectations for the next three months have also become less optimistic. Even though the deterioration is less pronounced than in the case of current economic conditions, the indicator for expectations regarding future economic conditions fell to its lowest level since the start of the F-WEB.