Sales fell in March for the first time since April 2021
The end of the first quarter of the year was a litmus test for Spanish companies, who are already noticing how runaway inflation, which has been higher in the country for months than in the eurozone, is starting to take its toll on their foreign competitiveness.
The sales statistics make the complex scenario clear: according to data published by the INE on Thursday, company sales fell by 0.9% in March, a period that coincides with the previous outbreak of the war in Ukraine (end of February) that notably exacerbated the energy crisis. This is the first monthly decline since April 2021. And the biggest since November 2020, in the midst of the health crisis, when the decline reached 1.4%.
This ends a 10-month streak of sales improvement that ended this year with increases of 2.6% and 2.1% in January and February. In contrast to these positive figures, the decline in sales in the sector had a special impact on the decline in March, namely -6.1% compared to February.
Retail sales also contributed negatively with a decrease of 3.9% compared to the previous month. Of the four sectors analyzed by the INE, the savings are services, which sold 0.6% more and especially the supply of electricity, which increased sales by 8.6% compared to February, in complete escalation of energy prices.
Despite everything, the revenue of all analyzed companies is 23.2% higher when analyzed year-over-year (March 2022 – March 2021). But even that increase is nearly six points below the February growth rate, according to the Business Turnover Index (ICNE) prepared by the INE.
All sectors presented positive full-year figures in March, especially energy and water, multiplying their turnover by more than two (+128.9%), followed by services, which increased their turnover by 22.5% compared to the same month last year . Trade and industry, for their part, sold 16.2% and 13.2% more, respectively, than in March 2021.
Adjusted for seasonal and calendar effects, March company sales increased by 22.1%, 6.3 points lower than in February.
The largest increases in the adjusted series were also in energy and water supply (+132.1%) and services (+22.2%), followed by trade (+14.4%) and industry (+11.1%) .
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
