This drop in confidence is the second greatest in the country behind Asturias (down 9.7%). Of other negative confidence levels, Navarre is -5.6%, Castile and León -5.5%, Valencia -4.6% and the Canaries -4.1%. Only two regions register positive indices - Madrid with 3.1% and Aragon with 2.1%.
For Spain as a whole, confidence is down 2.5%. This follows five consecutive quarters of positive confidence, the highest - since the pandemic shattered confidence - having been 12.3% in the third quarter of 2021.
Of businesses surveyed, 57.8% said they had "normal" expectations for the quarter, while 27.5% were pessimistic, an increase of six points compared with the final quarter of 2021. There was optimism among 14.7%, a decrease of 4.2 points.
The loss of confidence is general across all sectors, but is greatest for hospitality and transport (-6.9%), followed by retail (-3.2%), construction (-2.8%), industry (-1.6%) and other services (-0.9%).
In the fourth quarter of 2021, confidence was 1.1% for the whole of Spain, down markedly on the 12.3% in the summer. The loss of confidence for the current quarter is almost certainly a consequence of Omicron, but this wasn't a factor when the survey for the fourth quarter was conducted, when fears about inflation were dominant and remain an issue.
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