2023/Q1 Article 06. Recent economic performance of Spanish SMEs and developments in their access to external financing according to the ECB’s half-yearly survey

Series: Economic Bulletin.

Author: Álvaro Menéndez and Maristela Mulino..

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2023/Q1 Article 06. Recent economic performance of Spanish SMEs and developments in their access to external financing according to the ECB’s half-yearly survey (743 KB)

Abstract

Rationale
In recent years the Spanish business sector has experienced unprecedented shocks: the onset of the pandemic, supply chain bottlenecks and escalating commodity prices. In this setting, it is important to assess the sector’s economic and financial situation.

Takeaways

• Between April and September 2022, the recovery in activity recorded in the previous two six-month periods continued for Spanish SMEs. However, higher production costs meant that profits declined at the majority of the firms surveyed.
• For the first time since 2013, the survey signals a deterioration in the availability of bank financing.
• In any event, despite rising slightly, the indicator of obstacles to obtaining bank loans remains at historically low levels.