Business Confidence Indicators (BCI) in Spain: First quarter of 2018
According to the National Statistics Institute (INE, in Spanish), the Harmonised Business Confidence Index (HBCI) in Spain increases by 0.4% in the second quarter of 2018 as compared with the first quarter.The 23.5% of the business establishments foresee a favourable quarter and 12.8% are pessimistic about the performance of their business.
Opinions regarding the coming quarter (Expectations)
23.5% of the establishments’ managers considered that the performance of their business during the second quarter of 2018 would be favourable, whereas 12.8% considered that it would be unfavourable. The remaining 63.7% thought that it will be normal.
The difference between the percentages of favourable and unfavourable responses, known as Expectations Balance, stood at 10.7 points for Spain as a whole, as compared with 1.9 for the previous quarter.
Opinions regarding the last quarter (Situation)
19.5% of the establishments’ managers expressed a favourable opinion regarding the performance of their business in the first quarter 2018. In turn, 19.1% had an unfavourable opinion.
The difference between the percentages of favourable and unfavourable responses referring to the last quarter, known as Situation Balance, stood at 0.4 points.
Harmonised Business Confidence Index by activity sector
Three out of the five sectors analysed presented an improvement on the confidence, as compared with the previous quarter. Industry and Transport and Accommodation recorded the largest increases (1.1% both), while Construction showed the largest decrease (-0.6%).
Harmonised Business Confidence Index by size of the establishments
With respect to the harmonised business confidence Index by size of the establishments, according to the figures of INE, three out of the five sizes of establishments analysed presented a decrease in confidence, as compared with the previous quarter. The interval Less than 10 employees registered the largest increase (1.5%) and More than 1,000 employees the greatest decrease (-1.8%).
Results by Autonomous Communities
Business Confidence increased in the second quarter of 2018 in 10 Autonomous Communities, as compared to the previous quarter and decreased in the other seven. Illes Balears (8.2%), Comunidad Foral de Navarra (3.0%) and Comunitat Valenciana (2.7%) registered the greatest increases. In turn, Canarias (-3.2%), Galicia (-3.1%) and Aragón (-1.7%) recorded the highest decreases.
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