Turnover, results, and profitability of non-financial firms forming the quarterly sample for the Central Balance Sheet according to the Central Bank of Spain (Banco de España) showed robust expansion in 2022. The figures point to a broad-based improvement across sectors, with noteworthy momentum in energy-related activities driving a substantial portion of the overall growth.
Net turnover for the sample rose by 41.3% in 2022, a strong acceleration from the 20.7% increase recorded in 2021. While all sectors contributed to this upward trend, the energy sector stood out by adding a notable 16.7 percentage points to total growth in 2022. This underlines the sector’s pivotal role in shaping profitability and expansion within the non-financial corporate landscape for the year.
Net ordinary profit also surged, increasing by 91.3% in 2022. The energy sector again contributed significantly to this improvement, accounting for 26.7 percentage points of the total growth, compared with 32.1% in 2021. The Bank of Spain attributes much of this leap to a 21.4% rise in gross value added (VAB) and a 69% uptick in financial income, signaling stronger core activity and favorable financial conditions that supported higher earnings.
Return on assets reached 5.5% in 2022, up from 4.0% in 2021, reflecting improved efficiency and higher income relative to asset use. The year also saw a broader enhancement in revenue streams across sectors, including notable gains in commerce, hospitality, and industry. Each of these areas doubled their contribution between 2021 and 2022, moving from 6.9% to 11.2% for commerce, from 5.5% to 10.9% for hospitality, and strengthening industry’s pace aided by ongoing refinery activity and expansion.
Employment dynamics showed a steady uptick, with average headcount rising by roughly 3% in 2021 and reaching around 3.5% in 2022. Wages followed a similar trend, with personnel costs per worker increasing close to 3% in 2022, after a modest rise in 2021. Overall, personnel expenses grew by just over 3% in 2021 and accelerated to roughly 6.5% in 2022, according to the Central Balance Sheet indicators and related data collection from the Banco de España. This broader layer of payroll and headcount shifts contributed to stronger domestic demand and internal investment capacity, reinforcing the year’s earnings trajectory.
Across the board, the data portray a year in which non-financial firms in Spain navigated a rebound in activity, aided by sectoral dynamics, improved value creation, and a supportive financial environment. The energy sector’s outsized influence on both turnover and profitability helped lift overall performance, while gains in trade, hospitality, and industrial activity underscored a more balanced growth profile for the sample. Analysts note that these outcomes align with broader macroeconomic indicators observed during 2022, including higher output in key tradable sectors and continued expansion in investment and employment within the corporate sector. These factors collectively contributed to stronger financial indicators and a more favorable profit mix for the year.
Citations: Banco de España analysis of quarterly Central Balance Sheet data for non-financial corporations within the sample. The figures cited reflect year-on-year comparisons and sectoral contributions to growth, profitability, and efficiency metrics for 2022.