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Main findings from the ECB’s recent contacts with non-financial companies

Author

Listed:
  • Elding, Catherine
  • Gareis, Johannes
  • Kuik, Friderike
  • Morris, Richard

Abstract

This box summarises the findings of recent contacts between ECB staff and representatives of 73 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 26 June and 5 July, aggregate activity continued to stagnate in the second quarter of 2023, with differences across sectors still notable. Activity declined in the construction and intermediate goods sectors and in related transport and logistics services. However, consumer spending was proving more resilient than many expected. The growth rate of selling prices continued to decelerate, especially in the industrial sector, as non-labour input costs stabilised. Expectations for wage growth remained strong but showed some signs of moderation when looking forwards to 2024. JEL Classification: E2, E3, L2

Suggested Citation

  • Elding, Catherine & Gareis, Johannes & Kuik, Friderike & Morris, Richard, 2023. "Main findings from the ECB’s recent contacts with non-financial companies," Economic Bulletin Boxes, European Central Bank, vol. 5.
    • Handle: RePEc:ecb:ecbbox:2023:0005:3
    Note: 2322645
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2023/html/ecb.ebbox202305_03~065b8a781a.en.html
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    More about this item

    Keywords

    Activity; Business; Prices; Survey;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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