The proportion of companies reporting negative effects from the conflict in Iran on international demand has decreased to 27.8% in the third quarter, down from 30.3% previously. National demand has also reduced its impact to 33.7%.
The impact of the conflict in Iran on the activity of Spanish companies diminished in the third quarter of 2026. This is recorded in the Bank of Spain's Business Activity Survey (EBAE), as published by La Región. The proportion of companies that reported negative or very negative effects on international demand fell to 27.8%, from 30.3% in the previous quarter. In the case of national demand, the percentage dropped to 33.7%, compared to 36.5% before.
The effect on investment decisions linked to uncertainty also moderated: 40.9% of companies indicated negative consequences, slightly below the 43.2% from three months earlier. Expectations for the fourth quarter of 2026 point to a slight improvement in investment outlook.
Revenue in the third quarter fell compared to the previous quarter, in line with the usual seasonal pattern for these months. However, once seasonal effects were discounted, revenue recorded a slight advance, consistent with the expansive signal of the composite PMI indicator up to September.
By sectors, the performance was uneven. Revenue increased in hospitality, information and communications, and administrative activities, while it fell more sharply in agriculture, professional, scientific and technical activities, and leisure.
Regarding employment, companies reported a slight increase in employment compared to the previous quarter. The seasonally adjusted series, on the other hand, showed a decrease, although somewhat less than that of the second quarter. By sectors, employment evolved better in administrative activities, hospitality, and information and communications.
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