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Main findings from the ECB’s recent contacts with non-financial companies

Author

Listed:
  • de Bondt, Gabe
  • Kuik, Friderike
  • Le Breton, Gwenaël
  • Morris, Richard
  • Romaniega Sancho, Sara

Abstract

This box summarises the findings of recent contacts between ECB staff and representatives of 61 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 30 March and 13 April, aggregate activity growth remained subdued in the first quarter of 2023, albeit with notable differences across sectors. Declining activity reported in the consumer goods, retail and construction sectors was offset by growth in the consumer services and capital goods sectors in particular. These developments were expected to continue in the short term, while uncertainty regarding the outlook for 2023 as a whole remained elevated. The rate of growth of selling prices continued to moderate, driven especially by developments in the energy, transport and intermediate goods sectors. Consequently, non-labour input costs stabilised for most firms. Expectations for wage growth remained strong and were broadly unchanged, with wage growth remaining the main cost concern for the surveyed companies. JEL Classification: E2, E3, L2

Suggested Citation

  • de Bondt, Gabe & Kuik, Friderike & Le Breton, Gwenaël & Morris, Richard & Romaniega Sancho, Sara, 2023. "Main findings from the ECB’s recent contacts with non-financial companies," Economic Bulletin Boxes, European Central Bank, vol. 3.
    • Handle: RePEc:ecb:ecbbox:2023:0003:4
    Note: 337418
    as

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    Keywords

    Activity; Business; Prices; Survey;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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