Business Confidence Indicators
Status, expectations and confidence index
Activity sector results
Unidades: Índice, %
,2024QIV,2024QIII,2024QII,2024QI,2023QIV,2023QIII,2023QII,2023QI,2022QIV,2022QIII,2022QII,2022QI,2021QIV,2021QIII,2021QII,2021QI,2020QIV,2020QIII,2020QII,2020QI,2019QIV,2019QIII,2019QII,2019QI,2018QIV,2018QIII,2018QII,2018QI,2017QIV,2017QIII,2017QII,2017QI,2016QIV,2016QIII,2016QII,2016QI,2015QIV,2015QIII,2015QII,2015QI,2014QIV,2014QIII,2014QII,2014QI,2013QIV,2013QIII,2013QII,2013QI,
Total National,
    HBCI,136,3,138,136,134,133,2,135,9,132,5,129,127,2,131,121,9,127,130,3,128,9,114,8,109,3,105,5,95,5,95,5,130,6,131,1,135,132,9,132,5,133,9,136,2,135,5,134,9,135,4,136,9,134,2,131,8,131,4,131,2,130,5,129,7,131,4,131,2,128,1,123,2,123,2,123,118,3,113,9,113,109,3,103,6,100,
    Status previus quarter,6,5,9,6,3,8,1,3,6,6,9,-1,5,1,1,-2,3,1,3,-14,4,-2,-2,3,-8,3,-30,2,-32,-38,8,-62,8,-36,3,1,9,0,2,4,5,-2,5,4,4,3,1,5,9,0,4,7,1,5,3,7,5,-2,3,2,7,0,1,-1,2,-6,2,-0,1,-0,3,-1,9,-11,6,-11,7,-13,7,-15,4,-26,3,-25,8,-28,5,-35,5,-47,-46,7,
    Expectations for the coming quarter,6,8,8,9,9,3,-1,6,0,3,5,2,3,4,-9,8,-11,8,-4,2,-16,1,-12,8,-2,6,-0,9,-21,6,-36,5,-41,3,-47,2,-72,-5,9,-2,7,4,7,5,6,-2,7,2,9,7,1,10,7,1,9,5,2,7,7,9,3,-3,1,-1,7,-1,1,1,9,-6,5,-1,3,-0,4,0,1,-14,9,-12,8,-11,7,-14,8,-28,7,-28,8,-33,1,-38,7,-50,1,
Industry,
    HBCI,125,128,8,127,9,125,122,5,126,5,123,9,120,1,116,121,9,113,6,121,9,123,9,124,8,115,4,110,1,102,8,91,3,94,7,123,5,123,5,127,2,125,7,126,2,127,3,130,6,130,8,129,4,128,8,130,6,129,1,128,2,125,6,126,8,126,7,126,3,127,127,9,124,6,121,4,119,3,120,6,116,8,112,5,110,9,109,4,102,7,100,
    Status previus quarter,-0,5,9,2,3,5,5,6,-1,8,5,4,-1,8,-1,7,-8,9,0,7,-13,1,1,0,0,-17,5,-20,1,-35,3,-61,1,-27,7,2,7,0,5,6,0,4,5,7,3,10,7,7,4,10,8,6,2,10,3,4,8,10,1,2,2,6,3,2,6,6,7,4,7,7,-2,4,-2,-8,2,-5,1,-15,-17,8,-20,6,-22,9,-37,7,-37,2,
    Expectations for the coming quarter,4,6,5,9,3,-2,3,-2,8,2,9,1,7,-10,6,-16,8,-7,2,-20,2,-7,5,-0,2,2,6,-9,9,-24,7,-33,-43,7,-64,4,-4,2,-2,4,4,5,3,1,4,7,9,10,6,14,8,6,7,9,4,11,1,11,7,3,7,3,1,2,8,6,4,0,9,5,1,5,6,4,5,-6,1,-7,-5,7,-8,2,-19,2,-21,4,-24,-30,8,-40,1,
Construction,
    HBCI,149,6,150,9,148,5,148,4,145,4,148,9,144,5,142,139,5,140,4,132,4,140,3,144,4,142,9,130,6,123,7,120,105,3,101,1,142,9,142,3,147,8,146,8,146,4,146,3,147,8,144,9,145,8,143,9,144,4,140,7,136,6,133,5,132,2,128,9,132,2,133,5,134,3,130,4,124,3,122,5,122,3,116,112,2,109,1,105,9,102,100,
    Status previus quarter,8,1,11,1,5,8,11,9,3,8,7,6,0,6,2,5,-0,1,-0,6,-11,2,-0,9,1,8,-2,1,-20,6,-23,7,-30,5,-63,6,-36,8,3,8,0,9,7,7,2,8,8,2,5,7,6,1,-1,4,5,6,2,1,2,3,-7,5,-7,6,-11,6,-16,1,-24,1,-12,4,-11,3,-12,8,-23,-24,4,-28,5,-29,8,-42,2,-41,-47,3,-50,9,-59,3,-57,6,
    Expectations for the coming quarter,9,5,10,1,8,7,2,3,2,7,8,2,6,-6,2,-10,4,-7,5,-19,2,-7,5,1,2,0,8,-15,-31,-34,6,-41,8,-78,1,-4,9,-3,9,4,8,6,8,0,3,2,7,6,4,5,7,1,4,-0,5,0,8,0,1,-11,2,-15,8,-15,1,-16,2,-18,7,-16,1,-12,3,-13,1,-28,8,-29,7,-29,-34,-45,8,-48,2,-53,6,-56,2,-63,3,
Trade,
    HBCI,141,2,141,7,139,138,8,138,4,139,9,136,9,132,1,128,7,131,4,122,3,131,2,135,6,135,5,116,8,113,4,111,8,104,9,98,131,3,134,3,136,5,134,3,134,8,135,8,138,137,6,138,139,2,140,9,138,137,138,4,137,2,135,3,135,5,137,2,135,2,130,5,127,1,127,127,9,121,8,118,9,117,1,111,1,103,3,100,
    Status previus quarter,3,6,2,9,-4,1,5,8,2,7,2,7,-3,7,-1,9,-8,3,-8,1,-21,5,-3,1,-4,4,-8,3,-36,4,-32,8,-34,2,-55,1,-40,5,-5,8,-6,5,-5,8,-12,4,-1,4,-4,-4,-9,3,2,0,6,1,8,-8,8,1,5,0,5,-4,1,-11,-1,5,-2,4,-7,4,-20,-15,3,-18,2,-19,6,-32,3,-27,2,-32,9,-42,5,-56,5,-53,9,
    Expectations for the coming quarter,4,4,6,7,5,9,-4,6,-2,5,1,7,-0,7,-15,9,-19,4,-12,1,-25,1,-17,5,-3,6,0,-25,7,-39,4,-42,5,-41,3,-74,1,-14,5,-5,4,0,3,0,9,-9,-3,5,2,9,7,2,-4,3,1,8,5,6,8,-5,3,-0,4,0,8,2,3,-6,7,-1,-1,9,-2,4,-17,4,-14,6,-10,7,-15,1,-29,2,-28,5,-36,4,-44,6,-57,
Transport and Accommodation,
    HBCI,143,3,146,1,143,2,137,6,139,145,4,138,4,130,7,134,7,138,7,122,9,121,9,131,123,5,99,7,94,94,5,87,2,91,5,135,3,139,1,143,3,138,8,134,9,139,5,143,4,141,3,139,7,145,2,148,2,141,7,136,7,141,140,8,140,7,133,7,139,7,139,2,134,1,127,130,9,130,9,124,9,116,5,119,2,115,6,106,7,100,
    Status previus quarter,10,9,11,2,2,6,7,7,6,1,12,2,-5,2,-0,1,5,2,-27,5,-12,6,-6,4,-31,-62,3,-63,5,-60,7,-83,1,-52,2,2,7,9,7,1,-4,8,0,7,5,6,6,8,-3,1,7,1,14,6,15,6,-4,2,3,7,8,9,3,3,-1,9,1,8,-0,3,-13,9,-10,6,-5,9,-13,6,-28,2,-28,4,-21,8,-38,2,-51,9,-52,3,
    Expectations for the coming quarter,4,11,7,12,3,-8,8,-3,5,8,7,6,2,-20,9,-14,4,-0,5,-16,6,-33,9,-14,1,-10,7,-48,8,-64,4,-65,5,-63,8,-81,4,-10,3,-5,7,7,6,8,-9,9,-1,7,8,5,12,5,-2,5,5,8,13,6,15,1,-7,6,-0,5,4,5,9,6,-13,7,-3,3,3,3,2,4,-21,5,-14,9,-7,4,-9,6,-34,2,-32,8,-27,-38,7,-58,1,
Other services,
    HBCI,133,5,134,5,132,3,130,9,130,6,131,7,129,2,127,7,126,3,130,1,122,6,125,2,126,4,125,113,7,107,5,102,8,92,4,93,8,128,5,127,4,131,7,130,129,8,130,9,132,4,132,1,131,1,130,8,132,1,130,2,127,7,126,7,126,5,126,8,126,3,127,1,126,9,125,7,120,3,120,6,119,115,6,111,6,110,9,107,103,5,100,
    Status previus quarter,10,1,12,8,6,1,9,7,6,1,8,0,6,4,6,1,4,7,7,-7,1,0,5,-1,9,-6,5,-24,6,-29,-38,2,-60,5,-32,9,4,9,0,7,8,1,3,7,5,5,6,8,9,4,3,7,9,5,1,8,2,0,3,2,7,-0,5,-0,1,-3,4,1,-1,-0,3,-6,7,-10,8,-12,-14,1,-22,4,-23,3,-26,3,-31,9,-40,6,-41,5,
    Expectations for the coming quarter,9,9,10,3,10,3,2,2,4,7,6,4,5,9,-2,6,-4,1,1,6,-7,1,-6,6,-0,3,-0,3,-17,7,-32,6,-38,3,-48,5,-69,6,-0,6,0,6,4,7,7,0,9,6,2,7,7,11,5,4,7,6,4,7,3,9,6,-0,9,-0,9,-1,8,2,4,-3,7,1,-0,3,2,4,-10,8,-8,5,-11,5,-13,7,-25,6,-24,7,-31,5,-33,6,-43,8,
Notas:
Notes: 
 1) Situation: Harmonised situation indicator. It is the difference or balance between the percentage of favourable and unfavourable responses relating the ending quarter.
 The Situation may vary between -100 and +100.
 AN EXAMPLE WITH FICTITIOUS DATA: Opinions regarding the previous quarter.
 As for responses regarding the ending quarter, 55% of establishments had a favourable opinion about the past progress of their business in the first quarter, versus 25% that had an unfavourable opinion.
 The difference between these percentages of favourable and unfavourable responses referring to the ending quarter, which is called 'Situation', stands at +30 points.

 2)Expectations: Harmonised expectation indicator. It collects the difference or balance between the percentage of favourable and unfavourable response regarding the beginning quarter.
 The expectations may vary between -100 and +100.
 AN EXAMPLE WITH FICTITIOUS DATA: Opinions regarding the beginning quarter 
 65% of establishments state to be optimistic about the progress of their business regarding the starting quarter, whereas 23% are pessimistic.
 The difference between the percentage of favourable and unfavourable responses, which is called 'Expectations', stands at +42 points.

 3)HBCI: Harmonised Business Confidence Index. It was built from a conveniently normalised geometric average between the Situation and the Expectations.
Fuente: