Instituto Nacional de Estadística
The Harmonised Business Confidence Index increases by 0.1% in the second quarter of 2025 as compared with the first quarter.
Quarterly rate
Four of the five sector analysed increased confiance with respect to the previous quarter. Transport and Accomodation (1.6%) registered the greatest increases. On the other hand, Other services (-1.1%) registered the only decreases.
Three of the the five sizes of establishments analysed presented an increase in confidence, as compared with the previous quarter. Less than 10 employees (0.7%) showed the largest increases. On the other hand, 1,0000 or more employees (-1.4%) registered the largest decreases.
22.8% of business establishments managers considered that the performance of their business durint the second quarter of 2025 would be favourable, while 11.6% thought it would be unfavourable.
12,9% of business establishments managers consider that employment, referring to personnel hired in their business, will increase in the second quarter of 2025, while 7,8% believe that it will decrease.
15,6% of business establishments managers foresee that the price level of their business will increase in the second quarter of 2025, while 4,3% estimate that it will decrease.
20.3% of business establishments managers expressed a favourable opinion regarding the performance of their business in the first quarter of 2025. In turn, 15.8% had an unfavourable opinion.
Business confidence increases in the second quarter of 2025 as compared with previous quarter in ten autonomous communities and decreased in the other seven.
The largest increases were recorded in La Rioja (3.7%), Illes Balears (3.0%) y Comunitat Valenciana (2.6%). The largest decreases were recorded in Región de Murcia (-2.7%) and Galicia and Comunidad de Madrid (both -2.0%).
Quarterly Rate
The data published today are final and will not be subject to further revision. There have been no updates to previous publications. All results are available on INEBase.
According to the Commission Delegated Regulation (EU) 2023/137 INE has started the works to incorporate the new National Classification of Economic Activities CNAE-2025 in all the statistical operations.
In the case of the BCI, the release of the first results with CNAE-2025 will take place in April 2028.
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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