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The Banco de España Business Activity Survey

Author

Listed:
  • Alejandro Fernández Cerezo

    (Banco de España)

  • Mario Izquierdo

    (Banco de España)

Abstract

Rationale The Banco de España Business Activity Survey (EBAE) provides highly valuable, real-time information on a broad sample of Spanish firms’ turnover, employment, costs and prices. This is particularly helpful for diagnosing current economic developments. Takeaways •Firms perceived that turnover has remained stable during 2025 Q1, with a positive outlook for Q2. •Inflationary pressures have increased in Q1, both in terms of input costs and selling prices, affecting expectations for the coming year. In parallel to the disinflation process in the Spanish economy, a growing percentage of firms stated that they use expected inflation (rather than past inflation) as a benchmark for setting wages. •Firms’ concern about energy costs is mounting and uncertainty about economic policy remains a negative factor for a large proportion of firms. However, the share of firms affected by rising borrowing costs has continued to decline.

Suggested Citation

  • Alejandro Fernández Cerezo & Mario Izquierdo, 2025. "The Banco de España Business Activity Survey," Economic Bulletin, Banco de España, issue 2025/Q1.
    • Handle: RePEc:bde:journl:y:2025:i:01:n:06
    DOI: https://doi.org/10.53479/39487
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    More about this item

    Keywords

    Economic outlook; turnover; employment; prices;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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