Link Securities | According to the Business Confidence Indicators (ICE) published by the National Statistics Institute (INE), business confidence in Spain rose by 0.1% in Q1 2026 compared to Q4 2025. In addition, three of the five sectors analysed showed an increase in confidence compared to the previous quarter. Industry shows the largest increase in confidence (1.7%), while Transport and hospitality records the largest decline (a drop of 2.2%).
It should be noted that 19.7% of business managers believe that their business will perform well in Q1 2026, while 15.2% believe that it will perform poorly. Similarly, 8.9% of business managers believe that employment will increase in Q1 2026, while 10.8% believe it will decrease.
Finally, with regard to the evolution of price levels, 26.4% expect prices to rise in Q1 2026, while 4.9% expect them to fall.
With regard to Q4 2025, 24.7% of business managers had a favourable opinion of the performance of their business during that quarter. Meanwhile, 13.8% had an unfavourable opinion.
