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HomeLatest NewsThe hospitality industry catapults sales of services to its biggest advance in...

The hospitality industry catapults sales of services to its biggest advance in 21 years

Date: March 30, 2023 Time: 11:36:18

The pull of the hospitality industry, which shot up 44.4% of its turnover last year, catapulted sales in the service sector last year, which increased by 19.9% ​​on average, its highest annual increase since 2001, when the series begins The data published this Tuesday by the National Statistics Institute (INE) confirm that the tertiary sector chains its second consecutive year of increases, after in 2021 it increased by 15.8%.

In 2020, the year the pandemic began, the billing of services plummeted by 15.6% due to the almost total stoppage of the sector, especially the hospitality industry, between the months of March and June. After the hotel industry, the advance registered in the last year by administrative activities and auxiliary services (30.7%) will stand out; by wholesale trade (24.7%); for transport and storage (22.1%); by retail trade (12.4%); professional, scientific and technical activities (10.7%); by information and communications (8.7%), as well as by the vehicle sales and repair sector (8.1%).

Within the hospitality industry, accommodation services increased their turnover by 78% in 2022 in full recovery of tourism, while food and beverage services raised it by 31.8%. Apart from the hotel industry, the data reveals a strong increase in sales from travel agencies (145.7%) and air transport (106%), as well as transport by taxi (54.3%), after the progressive return to normality once the restrictions that were approved during the pandemic have been overcome.

Employment in services registers a historic increase

The employment created by the services sector had an average increase of 3.9% last year, its biggest rise since the beginning of the series, which also chains two years of upturns after the setback it suffered in 2020 due to the outbreak of Covid (-4.3%).

Corrected for seasonal and calendar effects, billing for services rose 20.3% in 2022 as a whole, while the seasonally adjusted interannual rate stood at 14.4% in December of last year, expanding by 1.4 points the November rise.

In December 2022, the turnover of services (without adjusting for seasonal and calendar effects) increased by 11.1% in relation to the same month of 2021, a rate 2.8 points lower than that of November. With this rebound, the sector accumulates 22 consecutive months of year-on-year rises, although December’s was the least pronounced of all of them.

In monthly rate (December 2022 compared to November of the same year), the billing of services, eliminating the seasonal and calendar effect, fell by 0.7%, its biggest drop since last July, when it fell by 1, 7% .

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