Eurozone businesses optimistic/But expect impact of trade tensions, ECB survey shows
Eurozone businesses remain optimistic about their growth prospects but are also experiencing pressure on their profits, partly due to trade tensions, an ECB survey showed.
Eurozone growth has been tepid in recent years as a long-awaited recovery has proved elusive, but businesses continue to maintain high levels of employment while remaining confident of future growth.
The ECB said in its quarterly survey on Access to Finance for Enterprises that a net 8% of firms reported an increase in turnover over the past three months and a net 23% are optimistic about developments in the coming quarter. However, firms continued to see a deterioration in their profits, with the decline being most widespread among small and medium-sized enterprises.
"Most firms reported being affected to some extent by trade tensions, with businesses exporting to the United States and those in the manufacturing sector being most exposed," the ECB added.
About 30% of firms expressed concerns about delays or shortages in supply chains and expressed the need to seek alternative suppliers.
"The main strategies used to adapt to the changing trading environment include refocusing sales within domestic and EU markets and restructuring supply chains," the ECB added.
While long-term inflation expectations remained unchanged, firms lowered their expectations for price growth a year ahead to 2.5% from 2.9%, the ECB added.
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