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

Catherine Elding, Richard Morris, Moreno Roma, Desislava Rusinova and Sara Romaniega Sancho

Economic Bulletin Boxes, 2023, vol. 1

Abstract: This box summarises the findings of recent contacts between ECB staff and representatives of 73 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 4 and 12 January 2023, aggregate activity had broadly stagnated or contracted mildly in the fourth quarter of 2022, but with notable differences across sectors. The short-term outlook for activity remained subdued with much uncertainty, but there was increased hope of a pick-up in 2023. Selling prices continued to increase in aggregate, but at a moderating pace and with more variability across sectors and a less certain outlook. Wage growth was now the predominant cost concern, although wage expectations remained broadly unchanged from the previous survey round. Despite greater wage cost pressure and very high uncertainty regarding the future path of energy prices, most contacts expected lower price growth in 2023 than in 2022. JEL Classification: E2, E3, L2

Keywords: Activity; Business; Prices; Survey (search for similar items in EconPapers)
Date: 2023-02
Note: 2322645
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