2023-06-23 18:09:10
New warning sign among companies, which are beginning to glimpse the first symptoms of the slowdown in the economy after the post-covid rebound. The sales of companies in Spain fell suddenly in April by 4.7% compared to the same month of the previous year, the first year-on-year drop registered by business turnover since February 2021, thus entering negative after 25 consecutive months of increases year-on-year, according to the Business Turnover Index (ICNE) published by the INE.
In monthly values and within the corrected series, business turnover plummeted by 2.5% in April, being the largest decrease in this monthly rate since April 2020, in the midst of the pandemic, and adding two consecutive months of decreases after the one registered in March (-0.2%). The increase in company turnover reached a maximum of 58.8% in April 2021, one year after the hardest month of confinement. In August 2022, it registered an increase of 31.2% year-on-year and, from that moment, it began a streak of six consecutive months of moderation, until in March it had a slight rebound before falling to negative in April.
In addition, income fell in three of the four sectors analyzed by Statistics for this indicator, in all but services. The greatest year-on-year decreases were suffered by the supply of electricity and water, which cut its sales by 27.9%. It was followed by the extractive and manufacturing industry, which decreased its turnover by 8.1% compared to the same month in 2022, and commerce, which sold 2.2% less compared to April 2022. On the contrary, non-financial services market increased their turnover by 7%.
In monthly values and within the corrected series, business turnover plummeted by 2.5% in April, being the largest decrease in this monthly rate since April 2020, in the midst of the pandemic, and adding two consecutive months of decreases after the one registered in March (-0.2%). Only the services sector increased its sales in the fourth month of the year, with an increase of 0.7%. The rest of the sectors cut their billing, especially the supply of electricity and water (-8.3%). Commerce and industry, for their part, registered a more moderate drop in their sales, of 0.6% and 0.4%, respectively. The greatest decrease in the corrected series was also for the supply of electricity and water, followed by industry and commerce. In contrast, services increased their billing by 7.5%.
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