Business Climate Survey. Q4/2025

The business situation of companies in Catalonia in the fourth quarter of 2025 registered a balance of 12.0 points. A total of 24.8% of the managers had a favourable opinion of their business situation in the fourth quarter, while a total of 12.8% had an unfavourable opinion. The remaining 62.4% considered that their business situation remained stable.

By activity sector, all of them had positive balances. The sectors of construction and other services stood out with balances of 19.3 and 14.4 points, respectively.

Moreover, expectations regarding the business situation for the first quarter of 2026 registered a balance of 7.0 points. A total of 20.0% of managers believe that their business situation will be favourable, while 13.0% believe that it will be unfavourable. The remaining 66.9% believe that it will remain stable.