Banco de España's EBAE survey: Unpacking its design and data access
The Banco de España has published a methodological note detailing its quarterly Business Activity Survey (EBAE). The survey provides real-time insights into Spanish non-financial corporations' turnover, employment, costs, and prices.
EBAE: A real-time pulse on Spanish firms
The Banco de España Business Activity Survey (EBAE), launched in 2020 Q4, provides crucial real-time insights into Spanish non-financial corporations (NFCs).
Conducted quarterly, it assesses business activity and short-term outlooks by gathering data on turnover, employment, costs, prices, and main operational constraints.
This makes the EBAE particularly helpful for diagnosing immediate economic developments.
The initiative aligns with similar regular business surveys by other Eurosystem national central banks, such as Banca d'Italia and Deutsche Bundesbank.
The questionnaire includes standard questions on firms' perceptions of variable changes and expectations for the next quarter and one year ahead, alongside inquiries about business activity constraints.
These qualitative assessments use a five-point numerical scale, ensuring a consistent and manageable response format for participating firms.
A meticulously managed sample
The EBAE draws from a representative sample of approximately 15,000 Spanish non-financial corporations, selected by the Banco de España's Central Balance Sheet Data Office (CBSO).
This ensures the sample accurately reflects the Spanish firm population by sector and size, referencing the Central Business Register.
Nearly half of the participating firms have fewer than ten employees, while 3.7 percent have over 250. Major regions like Madrid, Catalonia, and Andalusia account for 45 percent of the sample.
The CBSO actively manages this, regularly replacing inactive firms or non-respondents to maintain statistical integrity and relevance for economic analysis.
Methodology builds trust
This methodological note significantly enhances the transparency and utility of the EBAE survey data.
By clearly outlining the sampling and questionnaire design, it provides crucial context for researchers and policymakers interpreting the results.
Such detailed insights are essential for fostering trust and ensuring robust application of the survey's findings in economic analysis.