The economic ‘recession’ is more noticeable in Spanish companies. Its sales have not stopped falling in the last few months, according to data from the National Institute of Statistics (INE) and the Tax Agency. Also, the statistics agency has warned This situation affects the confidence of businessmen who have started to spread pessimism..
August was another negative month for private sector business. The company’s sales fell for the fifth month in a row, but this time it was a 6.7% year-over-year drop. Deepest since February 2021.
So, it all started in April, with annual sales falling 4.8%. Billings fell 2.6% in May, 4.9% in June and 3.8% in July.
[El negocio de la industria española se hunde y las previsiones apuntan a un 2023 de luto]
In August, non-financial services was the only sector that did not lose sales compared to 2022. The rest, in negative figures.
However, the decline was particularly significant Manufacturing industry (almost 7% lost) and in companies Electricity and water supply, sanitation and waste management (Its fall was more than 38%).
By what happened in August, they were confirmed Five consecutive months of billing declines for Spanish firmsA condition that everything seems to indicate will continue for at least the rest of the year.
This is indicated by the information collected by the tax agency, which provides Data on the evolution of daily sales of institutions within national boundaries. An indicator that warns that In September and the first few days of October, private sector turnover will continue to be in the red.
[Ni el gasto en verano evitará el frenazo total del PIB: la economía española se encamina al crecimiento cero]
In this respect, compared to last year, the company’s sales loss in those weeks ranged from a minimum of -5.2% to a maximum of -7%. However, again, this evolution varied by sector.
This is the state of the area Transportation and Logistics. In their case, the loss of sales averages more than 30%. On the other hand, the hospitality industry continues to grow, with year-on-year turnover growing at more than 25%.
A customer in a clothing store in Barcelona.
In fact, the agency estimates a decline in sales (adjusted for calendar effects) in September It was at least 3.7% per annum. But we have to wait for INE to confirm this evolution.
What the statistical body gathers is that these statistics are already affecting the mood of the private sector. indicator of Business confidence Looking ahead to the fourth quarter of this year, it fell 2%.
Business confidence
This means that there are a large number of business people who are pessimistic about the future of their companies. In fact, two in ten believe their business will have poor results this quarter.
Department wise, Doomsayers are booming, especially in the hospitality and transportation industries. The confidence of these traders falls by 4.4%. This was followed by Industry (-3.2%), Construction (-2.4%) and Trade (-1.1%).
Businessmen’s vision runs parallel to Spain’s GDP growth. Although the national economy is more adapted to the international environment than other economies in the Eurozone, Recession is a reality.
It may be recalled that the government revised its economic forecasts a week ago and raised GDP growth to 2.4% for 2023, but cut it to 2% for 2024. total, It reduced growth to a tenth for the next two years.
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