Description

Firms report that their performances have seen slight improvements compared to the previous quarter, noting that those lagging behind have tended to stabilize their activity, thus narrowing the gap with the top-performing ones.

Even so, this result is still lower than was expected at the beginning of the year, and the case is more pronounced among smaller firms.

Regarding margins, a slight upturn is noted, driven by measures aimed at boosting productivity and optimizing processes, which have helped to contain cost increases in a context of tight demand and restrained selling prices.

However, the reality varies across economic sectors, with lagging performance in some segments of wholesale and retail trade —especially automotive sales— and greater dynamism in export sectors. Construction is showing signs of recovery, although it continues to perform poorly.

Firms' expectations regarding their future performance improve significantly.

In general, they foresee greater sales and stabilized costs over the next few months, despite lingering concerns regarding labor costs.

In addition, they anticipate moderate increases in sales prices and a steady recovery in their margins.

Financial conditions continue to ease, in line with the trends observed during the past year.

Firms especially highlight the greater amounts offered, the lower interest rates, and the increased proactivity on the part of the banks when applying for a new loan. However, the same firms respond that both their current and expected demand for credit remains virtually unchanged.

Investment expectations for 2026 are increased, and at the same time there is greater certainty that the planned investments will actually see the light.
 
An important number of firms say they are waiting for the results of the upcoming elections to come out, because of the implications they may have for both their performance and the materialization of their investment projects. The interviewees point out that this is common behavior during election periods, when expectations about who will win merge with the new government's process of installation and adaptation.