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

Friderike Kuik, Richard Morris, Moreno Roma and Michal Slavík

Economic Bulletin Boxes, 2025, vol. 7

Abstract: This box summarises the findings of recent contacts between ECB staff and representatives of 71 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 29 September and 9 October 2025, business conditions improved slightly in recent months, but they remained consistent with only modest growth in activity, with the manufacturing sector still weighed down by tariffs, uncertainty and challenges to competitiveness. The employment outlook also remained relatively subdued. Price growth continued to moderate. In recent months this was mainly due to slowing price rises in parts of the services sector, while prices in the manufacturing sector remained stable in a context of weak demand and increasing import competition. Firms remained confident that wage growth would continue slowing. JEL Classification: E2, E3, L2

Keywords: activity; business; prices; survey (search for similar items in EconPapers)
Date: 2025-10
Note: 646140
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbbox:2025:0007:5

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