Spain’s services sector continued to exhibit positive performance in March 2023, as indicated by the latest Services Sector Activity Indicators (SSAI) released by the authorities. The turnover index in the Market Services Sector, after adjusting for seasonal and calendar effects, experienced a slight decline of -0.2% compared to the previous period. However, the annual growth rate remained robust, standing at 10.5% when considering the series adjusted for seasonal and calendar effects, and at 9.8% in the original series.
The March 2023 data for the Market Services sector in Spain showed consistent growth trends. The turnover index, in its original series, recorded an impressive monthly change of 16.8% and a solid annual change of 9.8%. After accounting for seasonal and calendar effects, the seasonally adjusted turnover index demonstrated a more moderate monthly change of 1% and a slight decline of -0.2% in comparison to the previous month. However, on an annual basis, the seasonally adjusted turnover index displayed significant growth, reaching a noteworthy rate of 10.5%.
In addition to the turnover index, the occupancy indices in the Market Services sector also showed positive figures. The series adjusted for seasonal and calendar effects reported a monthly change of 1.2% and an annual change of 2.1%. These occupancy indices reflect the strength and activity within the services sector in Spain.
The latest data highlights the resilience and growth potential of Spain’s services sector, which plays a vital role in the country’s economy. Despite the slight monthly decline in the turnover index, the sector’s overall performance remains positive, with significant annual growth. This indicates a sustained recovery and ongoing expansion in the services industry, contributing to Spain’s economic development.