The Harmonised Business Confidence Index (HBCI) decreases 1.0% in the first quarter of 2019 (Spain)

The Harmonised Business Confidence Index (HBCI) decreases 1.0% in the first quarter of 2019 as compared with the fourth quarter of last year, according to the figures released by National Statistics Institute (INE in Spanish):

– 16.6% of business establishments foresee a favourable quarter and

– 19.3% are pessimistic about the performance of their business

Evolution of the Harmonised Business Confidence Index

The Harmonised Business Confidence Index (HBCI) decreases by 1.0% in the first quarter of 2019 as compared with the fourth quarter of last year.

Opinions regarding the coming quarter (Expectations)

16.6% of business establishments managers considered that the performance of their business during the first quarter of 2019 would be favourable, while 19.3% thought it would be unfavourable. The remaining 64.1% thought that it would be normal.

The difference between the percentage of favourable and unfavourable responses, known as Expectations Balance, stood at −2.7 points for Spain as a whole, as compared with the 2.9 points in the previous quarter.

Opinions regarding the ending quarter (Situation)

21.6% of business establishments managers expressed a favourable opinion regarding the performance of their business in the fourth quarter 2018. In turn, 17.2% had an unfavourable opinion.

The difference between the percentage of favourable and unfavourable responses referring to the ending quarter, known as Situation Balance, stood at 4.4 points. This figure improves the Expectations previously expressed for that quarter, which stood at 2.9 points.

Harmonised Business Confidence Index by activity sector

Four of the five sector analysed reduced confiance with respect to the previous quarter. Transport and Accomodation (−3.3%) registered the greatest decreases. On the other hand, Construction (0.1%) registered the only increase.

On the other hand, four of the the five sizes of establishments analysed presented a decrease in confidence, as compared with the previous quarter. Less than 10 employees (−2.1%) shows the greatest decrease. On the other hand, More than 1,000 employees (0.6%) registered the only increase.