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Sara Romaniega Sancho

3 February 2023
Economic Bulletin Issue 1, 2023
This box summarises the findings of recent contacts between ECB staff and representatives of 73 leading non-financial companies operating in the euro area. According to these exchanges, which took place between 4 and 12 January 2023, aggregate activity had broadly stagnated or contracted mildly in the fourth quarter of 2022, but with notable differences across sectors. The short-term outlook for activity remained subdued with much uncertainty, but there was increased hope of a pick-up in 2023. Selling prices continued to increase in aggregate, but at a moderating pace and with more variability across sectors and a less certain outlook. Wage growth was now the predominant cost concern, although wage expectations remained broadly unchanged from the previous survey round. Despite greater wage cost pressure and very high uncertainty regarding the future path of energy prices, most contacts expected lower price growth in 2023 than in 2022.
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