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

Gabe de Bondt, Richard Morris and Moreno Roma

Economic Bulletin Boxes, 2025, vol. 3

Abstract: This box summarises the findings of recent contacts between ECB staff and representatives of 79 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 17 and 26 March 2025, activity growth was gradually improving, reflecting an incipient recovery in the industrial sector. The employment outlook was also improving slightly but remained relatively flat, as firms continued to focus on efficiency and productivity. Price growth was holding steady at moderate rates, while firms were increasingly confident that wage growth would slow further. Many firms reacted positively to recent announcements regarding increased defence and infrastructure spending, while taking a “wait and see” attitude in relation to pending tariffs. JEL Classification: E2, E3, L2

Keywords: activity; business; prices; survey (search for similar items in EconPapers)
Date: 2025-04
Note: 337418
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbbox:2025:0003:4

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