Spain Business Confidence Indicator

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Spain’s Business Confidence Index rose 1.1% QoQ in Q3 2025, rebounding from a -2.0% drop in Q2 and supported by stronger sentiment across most sectors and firm sizes.
- Transport & accommodation confidence increased the most among sectors at 3.2% QoQ, while construction was the only sector to decline (-0.2% QoQ).
- Confidence rose across all firm sizes, with the largest gains among firms with 200–999 employees and 1,000+ employees (both +1.6% QoQ).
- A net 9.6% of businesses had optimistic expectations for Q3, down from 11.2% in Q2 but still elevated compared to 2024.
- A net 10.6% viewed Q2 performance as favorable, an improvement from 4.5% in the prior quarter.
- 14.8% of firms expect to increase employment in Q3, while 11.9% expect to raise prices.
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Spain’s Business Confidence Index increased 0.1% QoQ in Q2 2025, a softer increase than the 0.5% QoQ increase in Q1 2025.
- The transport & accommodation sector saw the largest increase, up 1.6% QoQ.
- The “other services” sector was the only sector that saw confidence lower at -1.1% QoQ.
- A net 11.2% of businesses at optimistic expectations about the upcoming quarter, up from 4.1% in Q1 2025 and the highest in over two years.
- A net 4.5% of businesses saw the previous quarter as favorable, down from 11.3% previously.
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Spain’s Business Confidence Index increased 0.5% QoQ in Q1 2025 after a -1.2% QoQ decline in Q4 2024. The balance of optimistic expectations fell -2.7 pts to 4.1 while the balance of views of the current situation increased 4.8 pts to 11.3.

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