Main findings from the ECB’s recent contacts with non-financial companies

This box summarises the main findings from recent contacts between ECB staff and representatives of 64 leading non-financial companies operating in the euro area. According to these exchanges, which mainly took place between 28 September and 7 October 2026, activity continued to grow moderately in the third quarter with similar momentum expected for the fourth quarter. Growth was particularly focused in high-value manufacturing and IT services, while growth in consumer spending was relatively weak. Employment dynamics remained subdued, with many firms in cost-cutting mode. Growth in selling prices accelerated in the third quarter, reflecting rising costs owing to the ongoing conflict in the Middle East, but some slowing was expected in the fourth quarter. Contacts continued to anticipate moderating wage growth, but to a lesser degree than in the previous survey round.