Series: Analytical Articles.
Author: Álvaro Menéndez and Maristela Mulino.
Topics: Economic situation | Spain | Financial analysis.
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Abstract
On information from the Banco de España Central Balance Sheet Data Office Quarterly Survey (CBQ), non-financial corporations continued to post increases in productive activity, employment and ordinary profits in 2018 Q1, which translated into a fresh increase in aggregate profitability levels; however, signs of some slowdown in the main ordinary operating surpluses are discernible. Debt ratios rose during the opening months of the year, but the debt burden ratio continued to fall; accordingly, overall, there were no significant changes in the degree of financial pressure on companies. The article includes a box that sets out the methodology used to obtain re-weighted rates, resulting from the application of the sectoral weight of firms in the economy as a whole to gross value added and operating income, with the aim of mitigating the sectoral bias of the CBSO samples.