Catalan businesses maintain the prudence regarding the evolution of the economy that they expressed a year ago with the outbreak of the war in Ukraine and the arrival of an inflation not seen in decades, according to the latest report Perspectivas Catalunya 2022, carried out by KPMG in collaboration with CEOE. In 2022, 59% of companies rated the economic situation as fair, a percentage that has risen to 67% this 2023, just as those who consider it good has decreased from 24% to 19%. "The main international organizations indicate that the factors that made 2022 a complex year will continue throughout 2023," says the partner in charge of KPMG in Catalunya, Francisco Gibert.
Despite the unfavorable context, companies expect to increase their sales, as happened in the previous year, with a similar proportion, with 77% of entrepreneurs expecting to earn more this 2023, seven points more than the Spanish average. Where they are not so optimistic is in investment and employment, with more moderate forecasts compared to 2022. "The forecasts of Catalan entrepreneurs point to a deceleration of growth both at the state and Catalan level," Gibert continues. According to the survey, 45% of companies will invest more, 19 percentage points less than in 2022, and 34% will expand their workforce, 14 points below last year.
Inflation is one of the main concerns for this year, regardless of the expected moderation throughout 2023. 63% of entrepreneurs believe that the price increase has a considerable impact on profit margins, so 64% of companies have increased their prices and 21% plan to do so in the coming months. Likewise, 48% of participants have renegotiated their contracts with suppliers and 35% will do so this year. In line with this response to inflation, acquisitions and joint ventures will moderate compared to 2022, while mergers and divestments will increase this year.
In this environment of uncertainty mixed with pessimism, the business community of Catalonia sees an opportunity in digitalization and the energy transition. When asked about their priorities this year, 56% mention digital transformation and 41%, the adoption of sustainability measures, including these axes in their investment plans. However, digitalization also entails risks, as is being seen these days with the cyberattack on Hospital Clínic, and 39% of the surveyed companies indicate that they have suffered some cyber incident in the last 12 months. Thus, 47% will allocate resources to the protection of their structure.
A concern that is also related to digitalization is the lack of talent prepared to face the new business reality. 60% of companies recognize that they are having difficulties incorporating the professionals they need, with 69% warning that this situation puts their growth at risk. To reverse this, 20% of organizations will focus on offering an attractive professional project; 19% will opt for flexibility, and 16% will focus on internal promotion. Regarding these last two aspects, 45% of entrepreneurs believe that the most common work model in the coming years will be hybrid, with a greater emphasis on in-person work, and 47% indicate that they have reskilling programs for their professionals.
The main demands of entrepreneurs to administrations are related to measures to mitigate inflation, with 45% asking for them, but those related to investment in infrastructure also stand out, being the only region in Spain that has them among the most urgent requests. "In the autonomous community that contributes the most to Spanish exports, representing more than 25% of the total, another element that will contribute to boosting the economy is infrastructure, an area in which Catalan entrepreneurs ask for greater investment," remarks Gibert. Examples include the Mediterranean corridor, the new railway accesses to the Port of Barcelona, or El Prat Airport: "These investments are key for Catalonia to boost its foreign market, attract investment, and consolidate itself as an international quality tourist destination."