monthly turnover recovery and sector performance
The latest figures from the National Institute of Statistics show a notable rise in company turnover. In July, turnover climbed by 23.7 percent year over year, easing the prior month’s gain by 6.2 points. The data confirms a continued recovery in the business turnover index after a challenging prior year shaped by the Covid impact.
This upturn marks the 17th consecutive monthly increase for the company sales chain on a year over year basis. Across sectors, July brought positive annual growth, with electricity and water supply leading the gains, followed by a broad rise in services. Industry and commerce also posted healthy increases compared with July 2021, at 19.9 percent and 16.4 percent respectively.
On an adjusted basis for seasonal and calendar effects, turnover rose 26.9 percent in July, a pace 3.2 points slower than the June reading. The strongest gains in the adjusted series were in energy and water supply, up 98.6 percent, and industry up 24.8 percent, followed by services at 22.2 percent and trade at 19 percent.
monthly decline
In month-to-month terms, the seasonally adjusted figures show a slight dip in commercial turnover of 0.3 percent in July after three straight months of growth. Three of the four sectors examined by INE registered negative monthly changes in July: industry, down 4.2 percent from the prior month; services down 3.2 percent; and trade down 0.3 percent compared with June.
By contrast, energy and water supply posted a 5.6 percent rise in turnover in July relative to June, signaling continued resilience in essential services as the economy adjusts to evolving demand patterns.