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Sales of industry and services rise 10% with the pull of GDP and tourism

Date: March 2, 2024 Time: 05:47:15

Industry and the services sector accumulate twenty-five consecutive months of increases in billing until March, in a context of recovery of activity -especially after the stoppage of the pandemic-, as well as tourism; but also, in the midst of a sharp increase in inflation, whose annual rate stands at 3.3% that month (it climbed to 4.1% in April). In terms of employment, the tertiary sector once again raised hiring, so that employment increased by 2.1% in relation to the same month a year ago.

The data published this Friday by the National Institute of Statistics (INE) confirm that sales of services accelerated their increase to 9.8% year-on-year, driven by hospitality (+18.2%); transport and storage (+14.1%) and administrative activities (+13.5%). The trade increased its income by 9% that same month, thanks, above all, to the sale and repair of vehicles and motorcycles, which invoiced 33.6% more in the interannual rate.

Within the hospitality industry, accommodation services increased their sales by 21.1%, while food and beverage services billed 17% more than in March 2022 at the gates of an Easter week that the tourism sector has described as a record By activity, the greatest increases in sales were recorded by travel agencies and tour operators (+56.6%) and air transport, which increased by 48.7%.

In monthly terms (March over February) and in data corrected for seasonality and calendar, the service sector deteriorated in the third month of the year a monthly drop in sales of 0.2%, compared to the increase of 0.9% experienced in February. Driven by tourism, the Balearic Islands was the community that most increased job creation in the service sector last March, with a year-on-year rise of 5.2%, while Asturias was the one that increased sales the most, 23, 4% year-on-year.

The industry benefits from record exports

In the case of industry, which also saw its turnover rise strongly in year-on-year terms, it nevertheless recorded a 2.8% drop in that variable in relation to the previous month, February, in what is its biggest drop in a year. . Adjusted for calendar effects, industrial turnover grew by 10.3% in the interannual rate. By economic destination of the goods, billing presents positive annual rates in four of the five sectors analyzed, with a special rise in non-durable consumer goods (20%) and the drop in energy (18% less). By geographical destination of sales, all markets presented positive annual rates in March, with a significant increase of 14% in non-EU markets.

Not in vain, Spain has been registering a record of exports in recent months thanks to its lower inflation rate and lower costs (such as energy) than those faced by its main drivers. The push from the foreign sector allowed GDP to advance by 0.5% between January and March in relation to the previous quarter. Sales of Spanish merchandise abroad shot up 14.6% in the first quarter in year-on-year terms and reached 102,683.9 million euros, a new all-time high for that period. By province, the turnover of industrial companies improved in the interannual rate in all the autonomous communities except Murcia (1.8% less), with a better performance in Asturias (23.7% more), Galicia (22.1%) and Extremadura (22%).

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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