Most companies fear a major recession in Spain

86.7% of Spanish companies see a risk of recession in Spain as very or quite importanta pessimism that extends to the activity of the companies for this year but not for 2023, when they expect their situation to improve.

According to the Business Climate Study prepared by the Spanish Chamber of Commerce in collaboration with Sigmados presented this Tuesday, companies are especially concerned about the rising cost of energy and raw materials (80.8% of them), supply difficulties (42.6%), labor costs (34.3%) and high tax pressure (31%) .

Bonet pointed out that, unlike those surveyed, The Chamber does not see the recession as “inevitable” and trusts that the “difficult times” will be limited to an economic slowdownalthough the institution does anticipate that some quarter at the beginning of next year will have a negative quarter-on-quarter evolution.

He has insisted that the “encouragement of businessmen” will be what “will preserve economic growth and job creation”for which he has urged that economic policy help “banish business pessimism”.

According to the survey results, six out of ten companies are little or not at all optimistic about their activity this yeara generalized pessimism in all sectors and company sizes.

They are more optimistic about 2023, when they expect their sales abroad to improve and they also show positive perspectives on the acquisition of supplies, hiring of personnel and sales in Spain, but not for investments.

Nonetheless, businessmen still see risks for the economy in the next financial yearespecially derived from the prices of energy and raw materials (for 68.9% of them), interest rates (39.6%) and the war in Ukraine (31%).

In fact, they foresee a negative evolution of the Spanish economy in general and for employment in 2023 and they expect a worsening of the conditions of access to financing, especially among smaller companies and in the commerce sector.

Instead, They assess the degree to which the uncertainty in the face of the war in Ukraine affects the activity of Spanish companies at 6.6 points out of 10.

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