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Business leaders in the non-financial market services sector (SMNF) are forecasting a boost in overall activity for the fourth quarter of 2025, with 50% expecting growth and 19% anticipating a downturn, according to the latest report from the High Commission for Planning (HCP).
This optimistic outlook is largely driven by anticipated growth in areas such as «land transport and pipeline transport», «travel agencies, tour operators, reservation services, and related activities», «warehousing and support activities for transportation», and «architectural and engineering activities, technical testing and analysis activities». On the flip side, a decline is expected in «water transport» and «rental and leasing activities», as detailed by the HCP.
The report also highlights that 38% of business leaders in the sector predict a rise in demand, while 23% foresee a decline.
Concerning employment levels, 26% of executives anticipate an increase, and 57% expect stability. Reflecting on the third quarter of 2025, 68% of business leaders reported an upswing in SMNF activity, while only 10% experienced a downturn.
This upward trend was largely attributed to heightened activity in «telecommunications», «air transport», «warehousing and support activities for transportation», and «land transport and pipeline transport».
However, a decrease was observed in sectors such as «water transport», «advertising and market research», and «postal and courier activities».
On a different note, the sector's capacity utilization rate (CUR) was reported at 76%.
Regarding order books, 74% of executives considered them normal, while 19% deemed them above normal.
In terms of employment, 35% of business leaders reported an increase, whereas 15% observed a decrease.
