This morning the INE published the business confidence figures for the first quarter of 2024, which shed light on the economic situation in Spain. Overall business sentiment saw a notable rebound in the first quarter, increasing 2% compared to the last quarter of 2023. The improvement in business confidence was broad-based, with improvements seen across all sectors except transportation.
This improvement in sentiment confirms the growing optimism we also saw in previous weak indicators. While the manufacturing PMI remained stuck at low levels, the services PMI improved in December. Furthermore, the European sentiment indicator improved in its last release, rising 2.4 points in December.