Instituto Nacional de Estadística
The Harmonised Business Confidence Index increases by 0.5% in the first quarter of 2025 as compared with the fourth quarter.
Quarterly rate
Three of the five sector analysed increased confiance with respect to the previous quarter. Industry (2.0) registered the greatest increases. On the other hand, Transport and Accomodation (-2.1%) registered the only decreases.
Four of the the five sizes of establishments analysed presented an increase in confidence, as compared with the previous quarter. From 200 to 999 employees (1.4%) showed the largest increases.
19.7% of business establishments managers considered that the performance of their business during the first quarter of 2025 would be favourable, while 15.6% thought it would be unfavourable.
8,8% of business establishments managers consider that employment, referring to personnel hired in their business, will increase in the first quarter of 2025, while 11,1% believe that it will decrease.
25,4% of business establishments managers foresee that the price level of their business will increase in the first quarter of 2025, while 5,9% estimate that it will decrease.
25.2% of business establishments managers expressed a favourable opinión regarding the performance of their business in the fourth quarter 2024. In turn, 13.9% had an unfavourable opinion.
Business confidence increases in the first quarter of 2025 as compared with previous quarter in ten autonomous communities and decreases in the other seven.
The largest increases were recorded in Pais Vasco (3.2%), Cantabria (2.6%) y Comunidad Foral de Navarra (1.8%). The largest decreases were recorded in Illes Balears and Aragón (-1.7%) and Castilla-La Mancha (-1.5%).
Quarterly Rate
The data published today is final and is not subject to further revision. All the results are available on INEBase.
The objective of this survey is to find out, at a given time, the vision that establishment managers have about their situation.
The BCI survey collects opinions from establishment managers regarding the performance of their business for each last quarter and on their expectations for each coming quarter.
The methodology is based on the Japanese TANKAN index, that is, there is no weighting or elevation depending on the characteristics of the establishment since the opinion of each informant counts equally.
The survey methodology enables the integration of analogous data compiled by the statistics services of the Autonomous Communities, once their consistency is checked so they can be incorporated into the general process of the survey. There are currently agreements signed to this effect with Andalucia, Illes Balears, Canarias, Castilla y León, Cataluña, la Rioja, Extremadura and Comunitat Valenciana.
Further information is available in the methodology and the standarized methodological report.
INE's statistics are produced according to the European Statistics Code of Practice. For further information at Quality at INE and Code of Practice.
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