Pessimism increases in Basque business regarding the start of next year

Pessimism grows among Basque companies when asked about their forecasts for the start of 2024. This is according to the latest report on business confidence prepared by the Laboral Kutxa Research Service – led by Joseba Madariaga –, which clearly shows that these are necessary. on the nearest horizon are clouds of a grayish tone.

The survey (carried out between November 2 and 30 among 222 companies based in the Basque Country) is obviously darker than that carried out three months ago. So now, 45.5% of those surveyed believe that the first quarter of next year will generally be worse, a percentage that contrasts with the 34.1% who offered this response previously. In the same way, those who could be described as optimists (they see the environment as better) went from 8.8% to 7.7%.

The deterioration occurs in all chapters of the survey, except, surprisingly, that relating to profitability, in which the number of positive responses increases.

Thus, pessimism sets in and the number of those who see the situation worse than a quarter ago in areas such as invoicing, pure activity, orders, prices, investments and even employment increase. In this last aspect, and compared to the 9.3% who in September planned to increase their workforce, now the group that assumes that they will hire more people does not reach 6% (more precisely 5.9%). Similarly, if three months ago 10.7% of respondents predicted a reduction in their workforce, this group now stands at 12.6%.

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