Banco de España Business Activity Survey: 2024 Q3

Abstract

Rationale The Banco de España Business Activity Survey (EBAE) provides highly valuable, real-time information on the turnover, employment and costs and prices of a broad sample of Spanish firms. This information is particularly helpful for diagnosing current economic developments. Takeaways • Firms have perceived a decline in their turnover in 2024 Q3, albeit of a smaller magnitude than those recorded in the third quarter of the previous two years. • Inflationary pressures have continued to ease in Q3, in terms of the cost of inputs and selling prices and labour costs. • The negative impact of economic policy uncertainty, labour shortages and rising energy costs remains high, although the proportion of firms affected by factors related to access to financing and growing interest expense has declined.