Almost seven out of ten Spanish companies with more than 100 employees express optimism for 2024, with many forecasting solid growth. In contrast, smaller firms, especially those with fewer than 10 employees, tend to be more cautious. The Business Environment Research conducted by the Spanish Chamber of Commerce highlights an overall positive outlook for the year, though it notes rising uncertainty about the year that follows. The sentiment varies first by company size and then by sector.
Only 43% of the smallest firms feel optimistic, compared with 50.5% of small-to-mid sized businesses, and more than 58% of companies with up to 100 employees report favorable expectations. In larger organizations, optimism climbs to about 69%. When respondents were asked about future performance, the same trend appears: micro enterprises show weaker expectations, while firms with more than 100 employees show stronger sales forecasts for the upcoming period.
Industry differences are also evident. Pessimism for 2024 is most pronounced in certain sectors, including the agri-food industry, where 59% anticipate weaker performance; shopping centers and retail structures show 54% concern; and manufacturing shows 52% concern. By contrast, industrial firms expect higher activity, with 28% forecasting increased billings in 2024. The general services sector projects smaller gains, while the tourism-related segment, including hotels and restaurants, anticipates only modest improvements. Overall, optimism is gaining ground in these three sectors, signaling a mixed but improving landscape across the economy.
Across sizes and sectors, expectations for foreign sales remain positive. The report shows a positive balance for increases in exports to international markets among firms of all scales. As with other metrics, larger companies display stronger outlooks, and the agri-food sector again reveals the highest potential for export growth in the near term. (Source: Spanish Chamber of Commerce survey report.)
Despite this upbeat view, the chamber cautions that the overall trajectory could weaken if key risks worsen. It notes that 44.3 percent of respondents believe the economy will deteriorate, highlighting concerns about rising operating costs, inflation, and the cost of finance. These risks are identified as central to both short- and mid-term planning, alongside expectations of higher consumer prices and more difficult access to finance. (Attribution: Spanish Chamber of Commerce statement.)
In terms of the immediate challenges, companies of all sizes identify higher supply costs and labor costs as persistent pressures. They also point to heavy tax burdens, labor shortages—especially in the construction sector—and a noticeable dip in demand. The report emphasizes that without targeted measures to help businesses navigate the crisis, morale and resilience could wane as inflation and tax pressure persist. (Attribution: Spanish Chamber of Commerce remarks.)
Overall, the findings suggest a cautious but confident mood among larger firms and certain sectors, tempered by fears about the broader macroeconomic environment. The chamber’s president, José Luis Bonet, stresses that practical support and swift policy responses are essential to sustaining business confidence and investment in the near term.