85% of companies expect to maintain or increase their turnover over the next twelve months, five percentage points more than in the previous survey. Export expectations are also improving, while employment remains stable.
“For companies to become increasingly competitive, they need the environment to remain competitive too,” says Mauricio Arregui, President of Cámara de Gipuzkoa.
Donostia-San Sebastián, 6 November 2026. The latest Business Outlook Report from Cámara de Gipuzkoa, based on the Business Climate Survey conducted in October 2026, reflects a favourable trend in business activity, improved export prospects and stable employment, although companies are being more cautious about investment decisions.
During the presentation, the President of Cámara de Gipuzkoa, Mauricio Arregui, highlighted that “Gipuzkoa companies have better expectations today than they did six months ago”, although he cautioned: “the fact that companies are responding does not mean that things are easy for them”.
Business activity improves compared with the April figures
Turnover is performing better than forecast in June. Between January and October, 42% of companies reported increased sales, compared with 28% in the previous survey, while the proportion reporting a decrease fell from 30% to 21%. Looking ahead to 2027, 85% expect to maintain or improve their activity, five percentage points more than in the previous survey.
Javier Zubia, Managing Director of Cámara de Gipuzkoa, said: “The results show that business activity has developed positively during 2026, and that the outlook for 2027 points to this trend continuing, although there are differences between sectors.”
Exports improve and employment remains stable
Exports are performing more favourably than reported in the June survey. 45% of exporting companies report an increase in their exports between January and October, compared with 29% in the previous survey, while the proportion reporting a decrease has fallen from 38% to 18%. For 2027, 89% expect to maintain or increase their exports.
As regards employment, 84% of companies maintained or increased their workforce in 2026, and expectations for next year continue to point mainly to stability.
Investment has also continued to perform positively in 2026. 88% of companies report having maintained or increased their investment. However, forecasts for 2027 point to greater moderation: 27% expect to increase it, 59% to maintain it and 14% to reduce it.
Companies rate their business activity more positively than the economic climate
Despite the positive trend in business activity, 40% of companies believe that the economic climate has worsened in recent months, and 35% expect the economic situation to deteriorate in 2027, compared with 16% who expect it to improve.
Labour costs, economic and geopolitical uncertainty, declining profit margins and rising energy prices are among the main factors affecting business activity. In addition, the burden of regulation remains a significant and growing factor. In this regard, Mauricio Arregui has stressed that “for companies to become increasingly competitive, they need a competitive environment”.
New markets and competitiveness to meet the challenges of 2027
The president of Cámara de Gipuzkoa has warned of the changes taking place in the international economy. According to IMF forecasts, the euro area will grow by 1.2% in 2027, compared with 4.9% for emerging economies in Asia.
Against this backdrop, Arregui has argued that Gipuzkoa’s companies need to diversify their international markets, paying particular attention to India, Southeast Asia and Central Asia. “This is not about turning our backs on Europe, but about broadening our horizons to include other markets”, he stressed.
He also identified artificial intelligence and energy as two strategic factors for boosting productivity and strengthening companies’ competitiveness in the coming years.
Mauricio Arregui concluded by highlighting the need to continue moving towards more productive, innovative and internationalised companies, supported by an environment that fosters their competitiveness.
“What matters is not only where we are today, but how we are preparing to compete tomorrow”, he said, recalling that this will determine whether Gipuzkoa can remain competitive, generating economic activity, quality jobs and well-being for future generations.
