Corporate turnover decreased by 2.5% last May compared to the same month in 2022, adding two consecutive months of decline, according to the Business Turnover Index (ICNE), which it published last Thursday. National Statistical Institute (INE). Invoices provided by the Statistical Institute – which in April smashed 25 consecutive months of annual increases, those of post-pandemic recovery – are presented in current terms and do not take into account economic inflation.
All sectors delivered negative inter-annual rates in May, with the exception of Services, whose sales increased 6.2% inter-annual. Among the most noticeable declines were Electricity and Water Supply, which reduced sales by 27.1%. This decline is particularly related to the energy crisis: the figure was compared to the same month last year, when energy prices were rising exponentially, and bills increased. Follow Industry that reduced its turnover by 2.8% Compared to the same month in 2022, and trade sold 1.2% less than in May 2022.
Adjusted for seasonal and calendar effects, the company’s turnover rate fell 2.7% year-on-year in May, which is 2-tenths lower than that of April. The largest decline in the corrected series was also electricity and water supply (-25.3%), followed by industry (-3.6%) and commerce (-1.3%). In contrast, services increased their bills by 5.5%.
The year-on-year sales curve shows how companies have recovered sales levels after the pandemic: In the past two years, the highest peak was in May 2021 (+37.8%), which is compared to the same month in 2020, when the confinement shortage began. From there, year-over-year increases in sales remained high, and began to taper off, as comparisons are made to periods when normal health had already been restored.
In monthly values and within the corrected series, business billings increased by 0.3% in May and eased for two consecutive months of decline after that recorded in March and April (-0.2% and -2.6%, respectively). Only the services and industry sectors increased their sales in the fifth month of the year, with an increase of 0.6% and 1.3%, respectively. The rest of the sectors cut their bills, especially electricity and water supplies (-5.4%). For its part, trade recorded a moderate decline in its sales by 0.4%.
The most important economic dates of the day, with keys and context to understand their scope.