According to the latest data released by the National Institute of Statistics of Spain, the activity indicators of the service sector in May 2023 show a slight growth in business turnover. When seasonal and calendar effects are removed, there is a monthly variation of 0.4%. In annual terms, the growth rate stands at 1.0% in the series adjusted for seasonal and calendar effects, and at 1.2% in the original series.
Details of the market service sector indicators in May 2023:
- Index of business turnover (Original Series):
- Monthly variation: 7.7%
- Annual variation: 1.2%
- Index of business turnover (Adjusted Series):
- Monthly variation: 1.0%
- Annual variation: 0.4%
- Employment indices:
- Monthly variation: 1.2%
- Annual variation: 1.7%
These indicators provide insights into the short-term evolution of non-financial market service companies, measuring changes in business turnover and employment. Business turnover includes amounts invoiced by companies for services rendered and goods sold. Employment data includes both salaried and unpaid workers.
The indicators are obtained through a continuous survey that investigates over 28,000 companies operating in this sector every month. The results are presented in the form of indices to measure changes relative to the base year 2015.