Survey on the access to finance of enterprises in the euro area. Third quarter of 2024, November 2024.
Date: 2024-11-21
Institutions: European Central Bank
Subjects: comparative analysis, euro area, financial requirements, financing, report, serial publication, small and medium-sized enterprises

Survey on the Access to 
Finance of Enterprises in 
the euro area 

Third quarter of 2024 

November 2024 

Contents 

1 

2 

Overview of the results 

Firms’ financing conditions 

2.1 

2.2 

2.3 

Firms’ costs of bank loans continued to rise, but the rise was 
much less widespread than in the previous quarter 

Little change in availability and a decrease in needs narrowed 
the financing gap for bank loans 

Firms expect the availability of external financing to improve 
slightly 

2.4  More enterprises perceived the general economic outlook as 
negatively affecting the availability of external finance 

2.5 

Few firms applied for bank loans while overall financing 
obstacles increased slightly 

3 

The economic situation of euro area firms 

Turnover increased slightly, with costs still weighing on 
profitability 

Investment activity was weak and is expected to remain so in 
the fourth quarter 

Firms expect their selling price increases to moderate over the 
next 12 months, amid slightly higher wage expectations 

Firms’ inflation expectations continued to decline 

3.1 

3.2 

3.3 

3.4 

Annexes 

Annex 1 Descriptive statistics for the sample of enterprises 

Annex 2 Methodological information on the survey 

2 

7 

7 

8 

11 

13 

14 

17 

17 

19 

20 

22 

26 

26 

28 

Survey on the Access to Finance of Enterprises in the euro area – Contents 

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1 

Overview of the results 

This report presents the main results of the 32nd round of the Survey on the 
Access to Finance of Enterprises (SAFE) in the euro area, which was 
conducted between 2 September and 15 October 2024. In this survey round, 
firms were asked about economic and financing developments over two different 
reference periods. Around 60% of firms were asked about changes in the period 
between April and September 2024. The remaining 40%, all from the 12 largest euro 
area countries, were asked about changes in the period between July and 
September 2024. Altogether, the sample comprised 12,788 enterprises in the euro 
area, of which 11,799 (92%) had fewer than 250 employees.1 

Overall, survey results suggest that the effects of past monetary policy 
tightening continued to raise borrowing costs, but to a much lesser extent 
than in the second quarter. A net 4% of firms reported an increase in bank interest 
rates, down from 31% in the previous quarter. However, many firms indicated a 
further tightening of other loan conditions. 

Firms reported a small reduction in the need for bank loans and almost no 
changes in bank loan availability (Table 1, columns 9-10 at the end of this section 
and Chart 2 in Section 2). In the third quarter of 2024 a net 2% of companies 
reported lower needs for bank loans, while a net 1% reported an improvement in the 
availability of bank loans. As a result, the financing gap for bank loans – the 
difference between needs and availability – was negative for a net 2% of firms, a 
slight increase from the previous quarter. Looking ahead, firms expect a modest 
improvement in the availability of bank financing over the next three months but less 
than in the previous survey round. 

The composite financing gap – which includes bank loans, credit lines and 
trade credit as well as debt securities and equity– declined slightly but 
remained positive. A net 3% of firms reporting changes in the last six months 
signalled an increase in the composite financing gap, down from 6% in the previous 
six months, which covered the last quarter of 2023 and the first quarter of 2024 
(Chart 4 in Section 2). 

Firms perceived the general economic outlook to be the main factor 
hampering the availability of external financing to a greater extent than in the 
previous survey round (Chart 6 in Section 2). In the third quarter of 2024, a net 
20% of firms reported that a worsening economic outlook had reduced external 
financing availability, up from 12% in the previous quarter. Firms also reported a 
worsening impact of their firm-specific outlook on financing availability. 

Firms reported an increase in the willingness of banks to lend, albeit to a 
lesser extent than in the previous quarter (Chart 7 in Section 2). On balance, 6% 
of firms reported an improvement in banks’ willingness to lend, down from 9% in the 

1  See Annex 3 for details of methodological issues relating to the survey. 

Survey on the Access to Finance of Enterprises in the euro area – Overview of the results 

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previous survey round. The responses were similar from both SMEs and large 
companies. 

The share of firms applying for bank loans remained relatively low, mainly due 
to high internal funds (Chart 8 in Section 2). In the third quarter of 2024 the share 
of firms applying for bank loans was 17%. The most common reason reported by 
firms for not applying for a bank loan was the amount of internal funds at their 
disposal, which firms consider sufficient to finance their business plans. 

The percentage of firms reporting obstacles to obtaining a bank loan 
increased slightly. Among enterprises that judged bank loans to be relevant, 6% 
reported obstacles when seeking to obtain a loan (Table 1, columns 11 and 12 in 
this section, and Chart 9 in Section 2). 

An indicator reflecting firms’ price terms and conditions of financing suggests 
a moderate tightening of perceived financing conditions in the second and 
third quarters of 2024 (Chart A in this section), significantly less than in the 
previous six months. This indicator covers changes in firms’ bank interest rates 
and other costs related to bank financing (charges, fees and commissions) and is 
one of three “principal components” reflecting how euro area firms perceive overall 
financing conditions.2  In this survey round, fewer firms reported a deterioration in 
price terms and conditions in the second and third quarters of 2024, significantly 
down from what they signalled in the previous six months. The continuing decline 
reflects the ongoing moderation in the cost of borrowing. Across size classes, large 
firms signalled slightly better overall financing conditions than SMEs. 

2    The indicator is derived from a factor analysis covering changes in (i) price terms and conditions of 

bank loans (changes in interest rates and other costs of bank loans); (ii) non-price terms and conditions 
(changes in collateral requirements); (iii) the financial position of firms (in terms of changes in profits, 
credit history and own capital); and (iv) firms’ perceptions of changes in the willingness of banks to 
provide credit. The reported indicator is one of three main principal components and mainly relates to 
price terms and conditions. The methodology for computing this indicator has been updated from that   
presented in the box entitled “Financing conditions through the lens of euro area companies”, 
Economic Bulletin, Issue 8, ECB, 2021. The new approach involves performing the factor analysis at 
each wave with data from the individual wave and computing each indicator as a linear combination of 
the underlying variables. This combination is then rescaled to range from -100 to 100 by dividing by the 
theoretical maximum it can achieve. 

Survey on the Access to Finance of Enterprises in the euro area – Overview of the results 

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Chart A 
Change in price terms and conditions as perceived by euro area firms 

(weighted scores) 

Base: Enterprises that applied for a bank loan. 
Notes: Indicator derived from factor analysis. For details of the analysis see footnote 1. The indicator is based on firm-level survey 
replies from 2010 to the third quarter of 2024, using the replies on changes in the previous six months. The aggregate indicators are 
the average of firm-level scores, weighted by size, economic activity and country. Positive values indicate a deterioration in firms’ 
financing conditions. The individual scores have a range of between -100 and 100. 

Few enterprises reported an increase in turnover over the last three months. A 
net 7% reported increased turnover (Chart 10 in Section 3), compared with 8% in 
the previous quarter. The increased turnover was mainly recorded by larger firms. 
Firms are optimistic about future turnover, with a net 18% of them expecting 
increases. 

More firms continued to report a deterioration in profits and increases in 
labour and other costs than in the previous quarter. A net 12% of euro area 
enterprises signalled a decline in their profits (after 10% in the previous quarter). 
Moreover, there was an increase in the net percentage of firms reporting higher 
labour costs and materials and energy costs, compared with the previous quarter. 

The financial vulnerability of euro area enterprises increased slightly (Chart 11 
in Section 3). According to this indicator, 7% of euro area enterprises encountered 
major difficulties in running their business and servicing their debts over the past 
three months (up by 2 percentage points from the previous quarter). 

Firms reported increased investments in the last six months, but these seem 
to have peaked in the second quarter (Chart 12 in Section 3). Fewer enterprises 
reported an increase in investment over the last three months. Firms across size 
classes are expecting a similar increase over the next three months, with SMEs 
more pessimistic than large firms. 

Firms expect their selling prices increases to moderate over the next 12 
months, while their expected wage increases ticked up slightly (Chart 13, 
Chart 14 and Chart 15 in Section 3.3). Selling prices are expected to increase by 
3%, on average (unchanged from the previous survey round) and wages by 3.5% 
(up from 3.3% in the previous survey round). Across size classes, SMEs continue to 

Survey on the Access to Finance of Enterprises in the euro area – Overview of the results 

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report higher expectations for selling prices and non-labour input costs than larger 
firms, while their wage cost and employment growth expectations are more closely 
aligned. On average, firms in services expect their selling prices and wages to 
increase at a stronger pace than firms in other sectors (3.6% in the services sector 
compared with 2.4% in the other sectors for selling prices, and 3.8% compared with 
3.2%, respectively, for wages). In addition, firms expect their non-labour input costs 
to increase by 3.8% on average (up from 3.5% in the previous survey round), 
whereas employment growth expectations moderated slightly, to 1% (down from 
1.3% in June 2024), over the next 12 months. 

Firms’ short-term inflation expectations have closely tracked the decline in 
HICP inflation over the past year, while their long-term inflation expectations 
have remained more stable (Chart 16 in Section 3.4). Since the initial collection of 
firms’ inflation expectations in June 2023, the term structure of these expectations 
has displayed a downward-sloping trend throughout the period of high, albeit 
declining, inflation. The latest survey rounds indicated slightly higher one-year-ahead 
inflation expectations, at 2.9%, compared with realised inflation figures published 
before the survey round. 

Euro area firms’ median inflation expectations continued to decline across the 
one, three and five-year horizons (Chart 17 in Section 3.4). Median inflation 
expectations stood at 2.9% for annual inflation in one, three and five years. 
Compared with June 2024 median inflation expectations fell by 0.1 percentage 
points across all horizons. Overall, SMEs tended to report higher inflation 
expectations compared with large firms across all horizons. In the services sector, 
median inflation expectations were 2.9% for the one, three and five-year horizon, 
whereas the comparable figures for other sectors ranged from 2.5% to 3.1% across 
horizons. 

Although the risks to the five-year-ahead inflation outlook reported by euro 
area firms remain tilted to the upside, there was a decline in perceived upside 
risks (Chart 19 in Section 3.4). With regard to inflation in five years, fewer firms 
(46%, down from 50%) continued to perceive that the risks to the outlook are tilted to 
the upside, compared with the shares of firms seeing balanced (41%) or downside 
risks (12%). 

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Table 1 
Latest developments in SAFE country results for euro area firms 

(net percentages and percentages of respondents) 

Needs 

Availability 

Bank loans 

Credit lines 

Bank loans 

Credit lines 

Financing gap 
(bank loans) 

Financing 
obstacles 

Vulnerable 
firms 

(1) 

(2) 

(3) 

(4) 

(5) 

(6) 

(7) 

(8) 

(9) 

(10) 

(11) 

(12) 

(13) 

(14) 

Q2 
2024 

Q3 
2024 

Q2 
2024 

Q3 
2024 

Q2 
2024 

Q3 
2024 

Q2 
2024 

Q3 
2024 

Q2 
2024 

Q3 
2024 

Q2 
2024 

Q3 
2024 

Q2 
2024 

Q3 
2024 

Euro 
area 

-1 

-2 

BE 

DE 

IE 

GR 

ES 

FR 

IT 

NL 

AT 

PT 

SK 

FI 

13 

-11 

7 

12 

4 

4 

3 

-9 

-6 

3 

12 

0 

2 

-8 

1 

2 

-3 

2 

5 

-7 

-7 

-3 

-4 

0 

8 

4 

7 

6 

24 

6 

6 

12 

10 

5 

9 

13 

8 

6 

2 

1 

-1 

-2 

-1 

-2 

15 

7 

3 

9 

-5 

3 

7 

17 

9 

7 

0 

3 

-8 

5 

12 

13 

3 

9 

-2 

-7 

9 

8 

10 

-14 

-1 

-9 

3 

11 

13 

0 

4 

1 

1 

14 

0 

-8 

5 

-10 

8 

9 

7 

2 

3 

6 

-4 

3 

8 

-4 

-1 

-9 

5 

7 

7 

0 

0 

-3 

0 

7 

4 

7 

-1 

2 

2 

-6 

2 

-1 

-5 

1 

-2 

4 

-4 

10 

0 

-1 

0 

-4 

-10 

2 

2 

-5 

-2 

-8 

-1 

4 

4 

3 

3 

3 

15 

7 

2 

5 

3 

2 

5 

7 

8 

6 

7 

6 

4 

9 

5 

5 

7 

2 

4 

3 

7 

6 

5 

8 

4 

3 

6 

5 

5 

7 

3 

6 

6 

2 

4 

7 

6 

9 

5 

3 

5 

7 

6 

5 

11 

6 

3 

9 

Notes: For the “financing gap”, see the notes to Chart 2; for “financing obstacles”, see the notes to Chart 8; for “vulnerable firms”, see 
the notes to Chart 10. “Q2 2024” refers to round 31 (April-June 2024) and “Q3 2024” refers to round 32 (July-September 2024). 
Financing obstacles and vulnerable firms refer to the percentages of respondents, while the other indicators in the table are expressed 
in net percentages. 

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2 

2.1 

Firms’ financing conditions 

Firms’ costs of bank loans continued to rise, but the rise 
was much less widespread than in the previous quarter 

Fewer firms reported rising bank interest rates in net terms than in the 
previous quarter, while indicating a further slight tightening of other loan 
conditions (Chart 1). In the third quarter of 2024 the share of firms reporting an 
increase in bank interest rates dropped significantly, to 4%, compared with 31% in 
the second quarter of 2024 and 43% in the first quarter of 2024. Meanwhile, a net 
30% of firms (up from 28% in the second quarter of 2024) reported an increase in 
other costs of financing, such as charges, fees and commissions, and 14% (up from 
11% in the second quarter of 2024) reported stricter collateral requirements. Across 
size classes, large firms indicated a reduction in bank interest rates, while the rise in 
other costs of bank loans was more widespread among SMEs than large firms. 
Similar trends were observed among firms reporting developments over the previous 
six months. A smaller net percentage of firms (21%, down from 64% in the six 
months between October 2023 and March 2024) indicated rising interest rates over 
the past six months. A similar net percentage was observed prior to the recent 
monetary policy tightening cycle. 

Survey on the Access to Finance of Enterprises in the euro area – Firms’ financing 
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Chart 1 
Changes in the terms and conditions of bank financing for euro area enterprises 

(net percentages of respondents) 

Base: Enterprises that had applied for bank loans (including subsidised bank loans), credit lines, or bank or credit card overdrafts. The 
figures refer to rounds 24 to 32 of the survey (October 2020-March 2021 to April-September 2024). 
Notes: Net percentages are the difference between the percentage of enterprises reporting an increase for a given factor and the 
percentage reporting a decrease. The data included in the chart refer to Question 10 of the survey. The grey areas represent 
responses to the same question within a reference period of three months, whereas the main charts cover a reference period of six 
months. 

2.2 

Little change in availability and a decrease in needs 
narrowed the financing gap for bank loans 

Firms reported a slight reduction in the need for bank loans (Chart 2). In the 
third quarter of 2024 firms reported lower needs for bank loans (a net -2%, down 
from -1% in the previous quarter), with SMEs indicating a decline in their needs for 
bank loans (a net -3%, down from 0%) and large firms on average signalling a small 
increase (a net 1%, up from -1%). 

Very few firms reported an improvement in the availability of bank loans (Chart 
2). The net percentage of firms reporting an improvement in the availability of bank 
loans was 1%, down from 2% in the previous quarter. This change is due to large 
firms, a net 2% of which reported an improvement in the availability of bank loans 
(down from 4% in the second quarter of 2024), while SMEs on average reported no 
change (0%, as in the previous quarter). This very small change in the availability of 
bank loans is broadly consistent with the unchanged credit standards reported by the 
euro area bank lending survey in the same period, following more than two years of 
successive, substantial tightening. Consequently, the change in the financing gap for 
bank loans – the estimated difference between the change in needs and the change 
in availability – remained negative for a net 2% of firms, compared with 1% of firms 

Survey on the Access to Finance of Enterprises in the euro area – Firms’ financing 
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in the previous quarter. Firms reporting over the last six months appear to be less 
optimistic about changes in the availability of bank loans and their financing needs. 
As a result, they indicated a still positive financing gap, albeit at very low 
percentages compared with previous survey rounds. 

Chart 2 
Changes in euro area enterprises’ financing needs and the availability of bank loans 

(net percentages of respondents) 

Base: Enterprises for which the instrument in question is relevant (i.e. they have used it or considered using it). Respondents replying 
“not applicable” or “don’t know” are excluded. The figures refer to rounds 24 to 32 of the survey (October 2020-March 2021 to April-
September 2024). 
Notes: The financing gap indicator combines both financing needs and the availability of bank loans at firm level. The indicator of the 
perceived change in the financing gap takes a value of 1 (-1) if the need increases (decreases) and availability decreases (increases). 
If enterprises perceive only a one-sided increase (decrease) in the financing gap, the variable is assigned a value of 0.5 (-0.5). A 
positive value for the indicator points to a widening of the financing gap. Values are multiplied by 100 to obtain weighted net balances 
in percentages. The data included in the chart refer to Questions 5 and 9 of the survey. The grey areas represent responses to the 
same question within a reference period of three months, whereas the main charts cover a reference period of six months. 

Firms reported a decline in their financing needs for trade credit, with a 
modest improvement in availability (Chart 3). A net 6% of companies reported 
higher needs for trade credit (down from 7% in the previous quarter), possibly 
reflecting their willingness to reduce financial fluctuations in times of uncertainty. At 
the same time, 3% of firms (up from 2% the previous quarter) signalled increased 
availability. Hence the change in the financing gap for trade credit remained positive 
but lower than in the previous quarter (at 2%). 

Fewer firms reported increasing needs for credit lines, while availability 
continued to decline when compared with the second quarter of 2024 (Chart 3). 
In this survey round, a net 6% of firms reported increased needs for credit lines 
(down from 8% in the second quarter of 2024), while continuing to signal a decline in 
availability (-2%, down from -1%). As a result, the financing gap for credit lines (4%) 
remained positive and higher than for bank loans and trade credit. 

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Chart 3 
Changes in euro area enterprises’ financing needs and the availability of trade credit 
and credit lines 

(net percentages of respondents) 

Base: Enterprises for which the instrument in question is relevant (i.e. they have used it or considered using it). Respondents replying 
“not applicable” or “don’t know” are excluded. The figures refer to rounds 24 to 32 of the survey (October 2020-March 2021 to April-
September 2024). 
Notes: For a description of the indicator, see the notes to Chart 2. The data included in the chart refer to Questions 5 and 9 of the 
survey. The grey areas represent responses to the same question within a reference period of three months, whereas the main charts 
cover a reference period of six months. 

The composite financing gap – which includes bank loans, credit lines and 
trade credit as well as debt securities and equity – declined, but remained 
positive over the past six months (Chart 4). A net 3% of firms signalled an 
increase in the composite financing gap, down from 6% in the previous six months, 
which covered the last quarter of 2023 and the first quarter of 2024. This decline 
reflects a smaller, albeit still positive, financing gap for bank loans, credit lines and 
equity. The current composite financing gap is now lower than during the period 
associated with the recent monetary policy tightening cycle.3 

3    For a detailed description of the composite financing gap across different monetary policy phases see 

the article entitled “The Survey on the Access to Finance of Enterprises: monetary policy, economic and 
financing conditions and inflation expectations”, Economic Bulletin, Issue 7, ECB, 2024. 

Survey on the Access to Finance of Enterprises in the euro area – Firms’ financing 
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Chart 4 
Composite financing gap and its components since the start of the survey 

(net percentages of respondents) 

Base: All enterprises. 
Notes: The financing gap indicators combine both financing needs and the availability of bank loans, trade credit, equity, debt 
securities and credit lines at firm level. For each of the five financing instruments, the indicator of the perceived change in the financing 
gap takes a value of 1 (-1) if the need increases (decreases) and the availability decreases (increases). If enterprises perceive only a 
one-sided increase (decrease) in the financing gap, the variable is assigned a value of 0.5 (-0.5). The composite financing gap is 
computed at firm level by adding together the financing gaps for each relevant source of financing and then dividing this total by the 
number of these sources. A positive value for the indicator points to an increase in the financing gap. Values are multiplied by 100 to 
obtain weighted net balances in percentages. In the chart, the centre of each bubble represents the financing gap of the corresponding 
source of financing, while the size represents the shares of firms using the instrument. The data included in the chart refer to 
Questions 5 and 9 of the survey. 
The latest observation is for round 32 (April-September 2024) of the survey. 

2.3 

Firms expect the availability of external financing to 
improve slightly 

Looking ahead, firms expect small improvements in the availability of external 
financing over the next three months, fewer than in the previous survey round 
(Chart 5). A net 2% of firms expect access to bank loans to improve over the next 
three months, while 2% expect an improvement in credit lines and 1% in trade credit. 
Compared with large firms, fewer SMEs expect to see an improvement in external 
financing. Likewise, fewer firms also expect the availability of internal funds to 
increase. Firms reporting over the next six months are less optimistic, indicating 
almost no changes in expected external financing. 

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Chart 5 
Changes in euro area enterprises’ expectations regarding the availability of financing 

(net percentages of respondents) 

Base: Enterprises for which the instrument in question is relevant (i.e. they have used it or considered using it). The figures refer to 
rounds 24 to 32 of the survey (October 2020-March 2021 to April-September 2024). 
Notes: See the notes to Chart 1. The data included in the chart refer to Question 9 and 23 of the survey. The expectation line has 
been shifted forward by one period to allow for a direct comparison with realisations. The grey areas represent responses to the same 
question within a reference period of three months, whereas the main charts cover a reference period of six months. 

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2.4 

More enterprises perceived the general economic outlook 
as negatively affecting the availability of external finance 

Firms perceived the general economic outlook as the main factor hampering 
the availability of external financing to a higher extent than in the previous 
survey round (Chart 6). In the third quarter of 2024 a net 20% of firms reported that 
a deterioration in the general economic outlook had reduced the availability of 
external financing, up from a net 12% in the second quarter of 2024. In this survey 
round, large firms were more pessimistic than SMEs when reporting a deterioration 
in the availability of external financing due to the general economic outlook (-22%, 
down from -3% in the previous quarter, compared with -19% of SMEs, down from -
16%). Additionally, a net 7% of firms indicated a worsening impact of their firm-
specific outlook for the availability of external financing, compared with 0% in the 
previous survey round. This perception was shared by both SMEs and large firms. In 
this survey round, a net 5% of SMEs continued to signal a deterioration in their firm-
specific outlook, up from 3%. For large firms, the percentage signalling a 
deterioration jumped to 11%, a significant increase from the net 7% reporting an 
improvement just one quarter earlier. Firms continued to signal an improvement in 
their own capital position (a net 12%) and creditworthiness (a net 13%). Firms also 
reported similar overall sentiment regarding the factors affecting the availability of 
external finance over the past six months. 

Chart 6 
Changes in factors that have an impact on the availability of external financing to 
euro area enterprises 

(net percentages of respondents) 

Base: All enterprises. The figures refer to rounds 24 to 32 of the survey (October 2020-March 2021 to April-September 2024). 
Notes: See the notes Chart 1. The data included in the chart refer to Question 11 of the survey. The grey areas represent responses to 
the same question within a reference period of three months, whereas the main charts cover a reference period of six months. 

Firms reported an increase in the willingness of banks to lend, albeit to a 
lesser extent than in the previous survey (Chart 7). On balance, 6% of firms 
reported an improvement in banks’ willingness to lend, down from 9% in the previous 
survey round, with both SMEs and large firms signalling a smaller improvement in 
banks’ attitudes towards them. Firms also signalled that business partners were 

Survey on the Access to Finance of Enterprises in the euro area – Firms’ financing 
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more willing to provide trade credit, a net 6%, unchanged from the previous survey 
round. Among the sample of firms reporting on the past six months, the increase in 
the reported willingness of banks to provide credit was predominantly due to the 
more positive perceptions of large firms. 

Chart 7 
Changes in factors that have an impact on the availability of external financing to 
euro area enterprises 

(net percentages of respondents) 

Base: All enterprises; for the category “willingness of banks to lend”, enterprises for which at least one bank financing instrument 
(credit line, bank overdraft, credit card overdraft, bank loan or subsidised bank loan) is relevant. The figures refer to rounds 24 to 32 of 
the survey (October 2020-March 2021 to April-September 2024). 
Notes: See the notes to Chart 1. The data included in the chart refer to Question 11 of the survey. The grey areas represent responses 
to the same question within a reference period of three months, whereas the main charts cover a reference period of six months. 

2.5 

Few firms applied for bank loans while overall financing 
obstacles increased slightly 

Firms continued to report low applications for bank loans (Chart 8). In the third 
quarter of 2024 the share of bank loan applications stood at 17% (down from 19%) 
across all firms, 13% for SMEs and 25% for large firms. Meanwhile, only a few firms 
felt discouraged from applying for bank loans, with 3% citing this reason compared 
with 2% in the previous quarter. The most common reason given by firms for not 
applying was the sufficient amount of internal funds at their disposal to finance their 
business plans. In this survey round, 54% of firms stated this reason, up from 51% in 
the previous quarter, with more large firms than SMEs citing it. 

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Chart 8 
Applications for bank loans by euro area enterprises 

(percentages of respondents) 

Base: Enterprises for which bank loans (including subsided bank loans) are relevant. The figures refer to rounds 24 to 32 of the survey 
(October 2020-March 2021 to April-September 2024). 
Notes: The data included in the chart refer to Question 7A of the survey. The grey areas represent responses to the same question 
within a reference period of three months, whereas the main charts cover a reference period of six months. 

The percentage of firms reporting obstacles to obtaining a bank loan 
increased slightly (Chart 9). Among firms that considered bank loans relevant for 
their enterprise, 6% encountered obstacles when seeking to obtain a loan, with this 
figure being 6% for SMEs and 5% for large firms. This survey round indicated a 
slight uptick in the percentage of large firms experiencing rejections and 
discouragement in applying for bank loans. From a long-term perspective, financing 
obstacles perceived by firms are consistently higher for SMEs than for large firms. 
Discouraged borrowers, i.e. firms that do not apply for bank loans even if they need 
them, continued to represent the largest fraction of firms facing financing obstacles, 
accounting for 3% of all firms replying for the past three months and 5% for those 
replying for the past six months. 

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Chart 9 
Obstacles to obtaining a bank loan 

(percentages of respondents) 

Base: Enterprises for which bank loans (including subsidised bank loans) are relevant. The figures refer to rounds 24 to 32 of the 
survey (October 2020-March 2021 to April-September 2024). 
Notes: Financing obstacles are defined here as the total of the percentages of enterprises reporting (i) loan applications that resulted 
in an offer that was declined by the enterprise because the borrowing costs were too high, (ii) loan applications that were rejected, (iii) 
a decision not to apply for a loan for fear of rejection (discouraged borrowers), and (iv) loan applications for which only a limited 
amount was granted. The grey areas represent responses to the same question within a reference period of three months, whereas 
the main charts cover a reference period of six months. The data included in the chart refer to Questions 7A and 7B of the survey. 

Survey on the Access to Finance of Enterprises in the euro area – Firms’ financing 
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3 

3.1 

The economic situation of euro area 
firms 

Turnover increased slightly, with costs still weighing on 
profitability 

Few enterprises reported an increase in turnover over the last three months 
(Chart 10). The net percentage of euro area firms reporting an increase in turnover 
declined slightly to 7% (from 8% in the second quarter of 2024). Across firm sizes, 
large firms signalled, on net, an increase in turnover, albeit less than in the previous 
survey round (a net 11%, down from 15%) while for SMEs this percentage remained 
unchanged (net 4%). Similar developments were reported by firms replying for the 
past six months. Looking forward, firms remained optimistic about future turnover, 
with a net 18% (down from a net 25% in the second quarter of 2024) expecting 
increases over the next three months, in particular large firms. 

Chart 10 
Changes in the economic situation of euro area enterprises 

(net percentages of respondents) 

Base: All enterprises. The figures refer to rounds 24 to 32 of the survey (October 2020-March 2021 to April-September 2024). 
Notes: See the notes to Chart 1. The data included in the chart refer to Question 2 of the survey. The grey areas represent responses 
to the same question within a reference period of three months, whereas the main charts cover a reference period of six months. 

Euro area firms continued to report a deterioration in their profits, more widely 
so than in the previous quarter. A larger net percentage of euro area enterprises 
signalled a decline in their profits compared with the second quarter of 2024 (-12%, 
compared with -10%). More SMEs continued to report lower profits (a net -15%, as 
in the previous quarter) than large firms (a net -6%, down from -2% in the previous 
quarter). 

More firms indicated higher cost pressures in net terms, for materials and 
energy as well as labour costs. A net 59% of firms reported higher labour costs 
(up from 53% in the previous quarter), while the net share of firms indicating rising 
costs for materials and energy increased to 54% (up from 44% in the previous 

Survey on the Access to Finance of Enterprises in the euro area – The economic situation of 
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quarter). Across firm sizes, more large firms reported an increase in labour costs 
than in material and energy costs (a net 63% reported an increase in the former, a 
net 49% in the latter) while the share of SMEs reporting increases in labour and 
materials and energy costs were similar (a net 57%). 

Increasing interest expenses were still affecting profitability, although the 
impact continued to decline. The net share of firms reporting increased interest 
expenses was 20% (almost unchanged from the previous quarter), with large firms 
(a net 24%) being slightly more affected than SMEs (18%). However, the pressure 
from interest expenses is gradually declining, as signalled by the responses of the 
sample of firms reporting developments over the past six months. The net 
percentage of these firms indicating an increase in interest expenses dropped to 
19% from 36%, reaching similar levels to those recorded at the end of 2021. This 
suggests that the impact of the past monetary policy tightening is gradually fading. 

Over the past three months, the percentage of financially vulnerable 
enterprises has slightly increased, particularly among large firms (Chart 11). 
The financial vulnerability indicator, which provides a comprehensive assessment of 
firms' financial health, reveals that 7% of euro area enterprises faced significant 
challenges in managing their business and servicing their debts during this period. 
This marks an increase of 2 percentage points from the previous quarter. The 
increase in vulnerability was more pronounced among large firms. Conversely, the 
proportion of financially resilient firms – those more likely to withstand adverse 
shocks – remained almost unchanged at 5% across both large firms and SMEs. 
Over a longer horizon, firms have reported more positive developments; the 
percentage of vulnerable firms has decreased to 5% from 9% over the past six 
months. 

Survey on the Access to Finance of Enterprises in the euro area – The economic situation of 
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Chart 11 
Vulnerable and financially resilient firms in the euro area 

a) Vulnerable firms 

(percentages of respondents) 

b) Financially resilient firms 

(percentages of respondents) 

Base: All enterprises. The figures refer to rounds 18 to 32 of the survey (October 2017-March 2018 to April-September 2024). 
Notes: For a definition of “vulnerable firms” and “resilient firms”, see footnote 6. The data included in the chart refer to Question 2 of 
the survey. The grey areas represent responses to the same question within a reference period of three months, whereas the main 
charts cover a reference period of six months. 

3.2 

Investment activity was weak and is expected to remain 
so in the fourth quarter 

Fewer enterprises reported an increase in investment over the last three 
months (Chart 12). The net share of firms reporting a rise in investment went down 
to 7% in the third quarter of 2024, from 9% in the previous quarter, with a larger 
decline among large firms (a net 11%, down from 14% in the previous quarter; while 
SMEs reported a net 5%, down from 6% in previous quarter). When asked about 
investment in the coming quarter, SMEs were more pessimistic than large firms: only 

Survey on the Access to Finance of Enterprises in the euro area – The economic situation of 
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19 

 
 
 
 
a net 3% of SMEs expected an increase in investment in the next quarter, while this 
percentage was a net 14% among large firms. 

Chart 12 
Changes in realised and expected fixed investments of euro area enterprises 

(net percentages of respondents) 

Base: All enterprises. The figures refer to rounds 24 to 32 of the survey (October 2020-March 2021 to April-September 2024). 
Notes: See the notes to Chart 1. Bars refer to developments over the preceding six months and lines to expectations over the next six 
months. The data included in the chart refer to Questions 2 and 26 of the survey. The expected investment line is shifted by one period 
to compare with realisations. The question on expected investments was first included in the questionnaire covering the second and 
third quarters of 2023.The grey areas represent responses to the same question within a reference period of three months, whereas 
the main charts cover a reference period of six months. 

3.3 

Firms expect their selling price increases to moderate 
over the next 12 months, amid slightly higher wage 
expectations 

Firms expect their selling prices to increase by 3% on average over the next 12 
months (unchanged from the previous survey round), amid slightly higher 
wage expectations, of 3.5%, up from 3.3% (Chart 13). The dispersion of selling 
price expectations remained stable, with slightly more than one-quarter of firms in 
the survey continuing to expect prices not to increase over the next year.4 

4    The share of firms expecting non-positive price changes was 29% in this round, 34% in June 2024, 

33% in March 2024, 24% in December 2023 and 30% in September 2023. 

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Chart 13 
Expectations for selling prices, wages, input costs and employees one year ahead 

(percentage changes over the next 12 months) 

Base: All enterprises. The figures refer to: round 28 (October 2022-March 2023), pilot 1 (March-June 2023), round 29 (April-September 
2023), pilot 2 (October-December 2023), round 30 (January-March 2024), round 31 (April-June 2024) and round 32 (July-September 
2024) of the survey, with firms’ replies collected in the last month of the respective survey waves. 
Notes: Mean and median euro area firm expectations of changes in selling prices, wages of current employees, non-labour input costs 
and number of employees for the next 12 months, along with interquartile ranges, using survey weights. The statistics are computed 
after trimming the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 34 of the 
survey. Questions on non-labour input costs and employees were not available in round 28. 

Across firm size, SMEs continued to report higher expectations for selling 
prices and non-labour input costs than large firms (Chart 14). On average, 
SMEs expected higher increases than large firms, both in their selling prices (3.5%, 
compared with 2%) and in non-labour input costs (4.3%, compared with 2.8%). By 
contrast, expectations for wage cost increases over the next year are more similar 
for SMEs and large firms (3.6%, compared with 3.3%). 

Chart 14 
Expectations for selling prices, wages, input costs and employees one year ahead, 
by size class 

(percentage changes over the next 12 months) 

Base: All enterprises. The figures refer to: round 28 (October 2022-March 2023), pilot 1 (March-June 2023), round 29 (April-September 
2023), pilot 2 (October-December 2023), round 30 (January-March 2024), round 31 (April-June 2024) and round 32 (July-September 
2024) of the survey, with firms’ replies collected in the last month of the respective survey waves. 
Notes: Weighted average euro area firm expectations of changes in selling prices, wages of current employees, non-labour input costs 
and number of employees for the next 12 months using survey weights. The statistics are computed after trimming the data at the 
country-specific 1st and 99th percentiles. The data included in the chart refer to Question 34 of the survey. 

Comparing developments across sectors (Chart 15), firms in services expect their 
selling prices and wages to increase more than in other sectors (3.6% for selling 
prices in the services sector, compared with 2.4% in sectors excluding services; and 
3.8% compared with 3.2% respectively for wage increases). 

Survey on the Access to Finance of Enterprises in the euro area – The economic situation of 
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21 

Chart 15 
Average expectations for selling prices, wages and input costs one year ahead, by 
sector 

(percentage changes over the next 12 months) 

Base: All enterprises. The figures refer to: round 28 (October 2022-March 2023), round 29 (April-September 2023), pilot 2 (October-
December 2023), round 30 (January-March 2024), round 31 (April-June 2024) and round 32 (July-September 2024) of the survey, with 
firms’ replies collected in the last month of the respective survey waves. 
Notes: Mean euro area firm expectations of changes in selling prices, wages of current employees, non-labour input costs and number 
of employees for the next 12 months, along with interquartile ranges, using survey weights. The statistics are computed after trimming 
the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 34 of the survey. Questions 
on non-labour input costs and employees were not available in round 28. 

Firms expect their non-labour input costs to increase by 3.8% on average over 
the next year, with enterprises in the services sector predicting higher 
increases (Chart 13 and Chart 15). The expected increase in non-labour input 
costs stood at 3.8%, slightly higher than in the previous survey round (3.5%) 
reflecting rising material costs. In this survey round, the distribution of the expected 
average increase in non-labour input costs continued to be less dispersed, as firms 
in the lowest part of the distribution, measured by the interquartile range, reported 
positive increases in non-labour input cost expectations compared with the previous 
survey round (0.5%, up from 0%). 

On average, firms expect employment growth to increase by 1% over the next 
year, while the median firm expects zero growth (Chart 13 and Chart 15). This 
reflects the fact that the distribution of expected changes in staffing levels is skewed 
to the upside, with some firms expecting larger increases but most expecting modest 
increases or no change. The average expected workforce growth for all firms 
decreased from 1.3% in June 2024 to 1% in this survey round, with SMEs reporting 
slightly higher numbers than large firms (1.3%, compared with 0.6%). Across 
sectors, the increase in expected employment was larger in the services sector than 
in other sectors (1.4%, compared with 0.8%). 

3.4 

Firms’ inflation expectations continued to decline 

Firms’ short-term median inflation expectations have closely tracked the 
decline in HICP inflation over the past year, while long-term inflation 
expectations have remained more stable (Chart 16). Since the initial collection of 
survey data on firms’ inflation expectations in June 2023, the term structure of these 
expectations has featured a downward-sloping trend throughout the period with high, 
albeit declining, inflation readings. This suggests that this period was generally 
expected by firms to be relatively short-lived. Nevertheless, the latest survey round 

Survey on the Access to Finance of Enterprises in the euro area – The economic situation of 
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indicated that firms maintain slightly higher one-year-ahead median inflation 
expectations compared with realised inflation figures at the time of the survey round. 
Medium to long-term inflation expectations have remained relatively stable at both 
three-year and five-year horizons throughout this period. 

Chart 16 
Term structure of firms’ inflation expectations   

(weighted percentages and annual percentage change for HICP) 

Jun-23

Dec-23

Mar-24

Jun-24

Sep-24

HICP

12

10

8

6

4

2

0

-2

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Source: Eurostat, ECB Survey on the Access to Finance of Enterprises (SAFE). Base: All enterprises. 
Notes: The blue line refers to monthly data for non-seasonally adjusted HICP and is measured in annual percentage changes. The 
remaining lines show survey-weighted median values of firms’ expectations for euro area inflation in one year, three years and five 
years for the survey rounds: pilot 1 (March-June 2023), pilot 2 (October-December 2023), round 30 (January-March 2024), round 31 
(April-June 2024) and round 32 (July-September 2024). Firms’ replies are collected in the last month of the respective survey waves. 
The data included in the chart refer to Question 31 of the survey. 

Euro area firms’ median inflation expectations continued to decline, reaching 
2.9% across all horizons (Chart 17). Compared with the latest survey round in 
June 2024 median inflation expectations for all firms fell by 0.1 percentage points to 
2.9% across the one, three and five-year horizons. The continued easing of short-
term inflation expectations is consistent with the observed disinflationary process. 
Revisions to long-term inflation expectations were predominantly driven by large 
firms. Overall, SMEs tended to report higher inflation expectations compared with 
large firms over all horizons (Chart 18). In the services sector, median inflation 
expectations were 2.9% for the one, three and five-year horizons, whereas the 
comparable figures for firms in other sectors ranged between 2.5% and 3.1% across 
horizons. 

Survey on the Access to Finance of Enterprises in the euro area – The economic situation of 
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Chart 17 
Firms’ expectations for euro area inflation at different horizons 

(annual percentages) 

Base: All enterprises.   
Notes: Survey-weighted median, mode and interquartile ranges of firms’ expectations for euro area inflation in one year, three years 
and five years. Quantiles are computed by linear interpolation of the mid-distribution function. The statistics are computed after 
trimming the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 31 of the survey. 

Chart 18 
Firms’ expectations for euro area inflation by size class 

(annual percentages) 

Base: All enterprises. The figures refer to: pilot 2 (October-December 2023), round 30 (January-March 2024), round 31 (April-June 
2024) and round 32 (July-September 2024) of the survey, with firms’ replies collected in the last month of the respective survey waves. 
Notes: Survey-weighted median euro area firm expectations of firms’ expectations for euro area inflation in one year, three years and 
five years. The statistics are computed after trimming the data at the country-specific 1st and 99th percentiles. The data included in the 
chart refer to Question 31 of the survey. 

Although the risks to the five-year-ahead inflation outlook reported by euro 
area firms remained tilted to the upside, there was a decline in perceived 
upside risks (Chart 19). 46% of firms found it more likely that five-year-ahead 
inflation will turn out above rather than below their point prediction (down from 50% 
in the previous survey round). 41% of firms perceived the risks to their inflation 
outlook over the next five years as broadly balanced (increasing from 37% in June 
2024) while 12% of firms perceived a downside risk (increasing from 7%). More large 
firms reported that the risks to the inflation outlook were balanced (46% compared 
with 38%), while more SMEs (49%) reported upside risks than large firms (41%). 

Survey on the Access to Finance of Enterprises in the euro area – The economic situation of 
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Chart 19 
Firms’ perceived risks about euro area inflation five years ahead, by firm size 

(weighted percentages) 

Base: All enterprises. The figures refer to round 30 (January-March 2024), round 31 (April-June 2024) and round 32 (July-September 
2024) of the survey. 
Notes: Survey-weighted percentages of firms’ subjective inflation outlook over the next five years. Firms that answered “don't know” in 
Question 31 are not considered. The data included in the chart refer to Question 33 of the survey. 

Survey on the Access to Finance of Enterprises in the euro area – The economic situation of 
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Annexes 

Annex 1 
Descriptive statistics for the sample of enterprises 

Chart 20 
Breakdown of enterprises by economic activity 

(unweighted percentages) 

Base: The figures refer to round 32 of the survey (July-September 2024). 

Chart 21 
Breakdown of enterprises by age 

(unweighted percentages) 

Base: The figures refer to round 32 of the survey (July-September 2024). 

Survey on the Access to Finance of Enterprises in the euro area – Annexes 

26 

 
 
 
 
Chart 22 
Breakdown of enterprises by ownership 

(unweighted percentages) 

Base: The figures refer to round 32 of the survey (July-September 2024). 

Chart 23 
Breakdown of enterprises by exports 

(unweighted percentages) 

Base: The figures refer to round 32 of the survey (July-September 2024). 

Survey on the Access to Finance of Enterprises in the euro area – Annexes 

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Annex 2 
Methodological information on the survey 

For an overview of how the survey was set up, the general characteristics of the euro 
area enterprises that participate in the survey and the changes introduced to the 
methodology and the questionnaire over time, see the “Methodological information 
on the survey and user guide for the anonymised micro dataset”, which is available 
on the ECB’s website.5 

Both the six-month reference period and the three-month reference period were 
covered in this round. 

Questions Q0b, Q32 and Q6A6  were reintroduced, but asked only of the six-month 
reference period sample group. 

All items which were removed from Questions Q4, Q5, Q7A, Q7B, Q11, Q9 and Q23 
in the second quarter of 2024 wave were reintroduced for the whole sample. 

Four ad hoc questions were added, one on the exporting markets (inside and/or 
outside Europe), and three on late payments: i) To which markets did your company 
export goods or services in 2023? ii) Has your company experienced problems due 
to late payments from any private or public entities in the past six months? iii) What 
were the consequences of those late payments? iv) How severe were these 
problems due to late payments.   

Section 5 on future growth and obstacles to growth was added. This section is 
identical to the section in the 2023H1 round. 

5    Survey on the access to finance of enterprises – Methodological information on the survey and user 

guide for the anonymised micro dataset. 

6 

The questionnaire is available on the ECB’s website. It has been translated into various languages for 
the purposes of the survey. 

Survey on the Access to Finance of Enterprises in the euro area – Annexes 

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© European Central Bank, 2024 

Postal address 
Telephone 
Website 

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+49 69 1344 0 
www.ecb.europa.eu 

All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. 

For specific terminology please refer to the ECB glossary (available in English only). 

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