- Trade drives growth with a 9.4% year-on-year increase, according to the INE
- Services sector turnover recorded a 7.9% year-on-year increase in September, the highest since April 2024, according to the INE. With this advance, the sector marks 18 consecutive months of sales growth. Trade once again led the momentum
The services sector continues to show solid performance despite the economic context of moderation. The data published by the National Statistics Institute show a sustained trend in consumption and in activity linked to both trade and other services, which have maintained their traction since mid-2023.
TRADE STANDS OUT AS THE ENGINE OF GROWTH WITH A 9.4% YEAR-ON-YEAR INCREASE
Trade and other services maintain their momentum. Specifically, trade raised its turnover by 9.4% in September compared to the same month of the previous year, while other services recorded a 5.5% rise. Both segments have posted over a year of positive evolution, consolidating the sector’s recovery.
The adjusted series extends its upward trend. Adjusted for seasonal and calendar effects, services sector sales advanced by 5.5% year-on-year, one tenth more than in August. With this figure, the adjusted series also links 18 consecutive months of increases, confirming the strength of the sector beyond seasonality.
Monthly growth and employment dynamism. In monthly comparison, and eliminating calendar effects, turnover increased by 1.1%, the second largest advance of the year after that of January (+1.2%). This rebound makes it possible to string together two consecutive months of increases.
The services sector maintains a dynamic tone in employment with a 1.2% year-on-year rise. Regarding employment, occupation in services grew by 1.2% in September compared to the same month of 2024. Although the rate is one tenth less than that recorded in August, the sector’s labor market maintains a stable evolution, with more than three years of uninterrupted increases since April 2021.
The evolution of the services sector continues to be one of the main indicators of economic resilience, supported by the dynamism of trade and the gradual recovery of professional, tourist, and business support activities.
Source: EuropaPress