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Lina Segers

14 April 2022
Economic Bulletin Issue 3, 2022
This box summarises the main findings from contacts between ECB staff and representatives of 67 leading non-financial companies operating in the euro area. The exchanges mainly took place between 20 and 30 March 2022. According to these contacts, overall activity developed positively in the first months of the year, despite ongoing supply constraints as well as cost and price pressures. The war in Ukraine added further disruption to businesses, mainly in the form of further price increases for energy and raw materials, much of which would be passed through to selling prices, as well as shortages resulting in reduced production in some sectors. Overall, contacts expected growth to slow in the coming months, as higher inflation would reduce disposable income and final consumer demand, while uncertainty and downside risks were substantial.
JEL Code
E2 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
L2 : Industrial Organization→Firm Objectives, Organization, and Behavior