Description

Firms report that their performance remains stable in relation to the second quarter of the year, combining a less negative result in sales and prices without major variations. This has allowed a moderation in the fall in margins, in a context in which costs remain high, but stable. Meanwhile, heterogeneities linked to the sectors and regions of the country persist.

Gaps continue to be perceived in the labor market. Firms' staffing does not show major changes, although they are smaller than in the past. Notwithstanding the above, it is still considered that there is a low availability of certain types of workers, especially in higher-skilled occupations.

Firms perceive that financial conditions have become somewhat more favorable, although the latter continue to be considered restrictive. This is influenced by the perception of an increase in the guarantees required by banks and longer processing times. It is mentioned that interest rates have decreased, but to a limited extent. The percentage of firms that report having applied for loans decreased slightly during the last quarter. Those who accessed the credit declare having done so under worse lending conditions than in the previous measurement. For its part, banks point out that their risk assessments remain strict, indicating important differences depending on the profile of the applicants, where the financial burden and the sector to which they belong play a relevant role.

In the short term, firms expect slight increases in their sales and prices, with margins that would stop reducing and costs that would continue to rise at a rate like the current one. Regarding the request for loans, the proportion of firms that will apply for one in the next three months decreases in relation to what was reported for the previous six months.

Firms' performance expectations improve for next year, resembling what they consider a typical year should be. In this context, they hope to maintain their staffing levels over the next twelve months.

The percentage of firms that plan to invest in 2025 increases in relation to what is expected for 2024 on the same date, while the levels of certainty regarding the materialization of investment plans increase. Among firms that report not having investments for next year, weak demand is the main reason given, with a decrease in economic or political uncertainty as reasons for not investing.

Regarding inflation expectations for the next twelve months, the proportion of firms that declare that this will be similar to normal increases, and the proportion of those that indicate that the price variation will be slightly or much above normal decreases.