Encuesta de Opinión Empresarial. Resultados mayo de 2024

Abstract

In May 2024, the Retail Confidence Index (RCI) stood at 12.5%, representing a decrease of 2.8 percentage points (pp) compared to the previous month (RCI April 2024: 15.3%). The decline in retail confidence was explained by a reduction of 5.6 pp in expectations for the economic situation for the next six months and a 5.2 pp decrease in the perception of the current economic situation, partially offset by a 2.4 pp decline in the stock level. Compared to the same month the previous year, the RCI decreased by 9.0 pp (RCI May 2023: 21.5%).

Meanwhile, the Industrial Confidence Index (ICI) stood at -5.4% for May 2024, showing a reduction of 2.0 pp compared to the previous month (ICI April 2024: -3.4%). The monthly negative variation in industrial confidence in May was explained by a 5.0 pp drop in the current volume of orders and a 4.2 pp decrease in production expectations for the next quarter. On the other hand, the stock level experienced a reduction of 3.2 pp compared to the previous month. Compared to May 2023, the ICI decreased by 1.2 pp (ICI May 2023: -4.2%).

The capacity utilization in the industry for May was 72.8%, increasing by 0.4 pp compared to the measurement in February (72.4%). On the other hand, compared to the previous record, the perception of companies regarding economic conditions worsened (-12.0 pp) as did the sociopolitical conditions for investment (-7.7 pp).

In the May survey, the construction sector recorded a deterioration in the perception of the current state of economic activity (-25.1 pp), in construction expectations for the next quarter (-16.2 pp), as well as in the perception of the pace of construction (-13.5 pp), compared to the February measurement.