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

Catherine Elding, Richard Morris, Zsuzsanna Riedel and Moreno Roma

Economic Bulletin Boxes, 2026, vol. 5

Abstract: This box summarises the main findings from recent contacts between ECB staff and representatives of 76 leading non-financial companies operating in the euro area. According to these exchanges, which mainly took place between 22 June and 1 July 2026, activity continued to grow moderately in the second quarter with similar momentum expected for the third quarter. While the war in the Middle East was weighing on consumer spending somewhat, the overall impact on activity seemed limited as some firms benefited from less competition and precautionary stockbuilding. Employment dynamics were rather subdued, with many firms in cost-cutting mode. Selling prices rose more quickly in the second quarter, reflecting the pass-through from rising oil prices caused by the Middle East conflict. The acceleration was less than anticipated in the previous survey round, however, with some slowing expected ahead. Contacts continued to anticipate moderating wage growth. JEL Classification: E2, E3, L2

Keywords: activity; business; prices; survey (search for similar items in EconPapers)
Date: 2026-07
Note: 2322645
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