The Banco de España Business Activity Survey: 2025 Q3

Rationale The Banco de España Business Activity Survey (EBAE) provides highly valuable, real-time information on a broad sample of Spanish firms’ turnover, employment, costs and prices. This is particularly helpful for diagnosing current economic developments. Takeaways •Firms reported that turnover, in seasonally adjusted terms, has increased in 2025 Q3, following a weaker performance in Q2. •Inflationary pressures have remained virtually unchanged in Q3, in terms of both the cost of inputs and selling prices. Those associated with labour costs eased slightly. •Economic policy uncertainty adversely affects business activity. Such impact has decreased slightly in Q3, although it remains high. Labour shortages persist.