The latest indicators for the service sector’s activity in October 2023, as reported by the Institute of National Statistics (IASS), reveal insights into the performance of the Market Services Sector in Spain.
Key Figures – October 2023:
- Monthly Business Turnover Index:
- Original Series: The monthly variation in the Business Turnover Index stands at 2.1%, contributing to an annual variation of 1.5%.
- Seasonally Adjusted Series: When accounting for seasonal and calendar effects, the monthly variation shows a decrease of 0.3%, resulting in an annual variation of 0.4%.
- Employment Indices:
- Seasonally Adjusted Series: The Employment Index experiences a monthly decrease of 0.3%, contributing to a substantial annual increase of 1.9%.
Analysis:
- The monthly variation in the Business Turnover Index, despite a slight decrease when adjusted for seasonal and calendar effects, reflects a positive annual growth of 1.5% in the original series.
- The seasonally adjusted figures provide a nuanced view, revealing the resilience of the service sector with a marginal decrease in monthly turnover and a stable annual growth rate of 0.4%.
- Employment indices display robustness, with a noteworthy 1.9% annual increase, indicating a positive trend in job creation within the service sector.
These indicators portray a service sector that, despite some monthly fluctuations, maintains overall stability and registers positive annual growth. The IASS will continue monitoring these trends to provide comprehensive insights into Spain’s economic landscape.
For further details and a more in-depth analysis, please refer to the official report by the Institute of National Statistics (IASS).