Sales of services resist the pulse of inflation with a rise of 14%
The service sector is currently resisting the pulse of inflation. Its sales increased by 14% in November (it grows 1.6 points less than the previous month), which implies that its progress is moderated but also that it is resisting strongly despite the slowdown in the economy, which in the third quarter stagnated at 0.1%. The data offered by the National Institute of Statistics (INE) this Wednesday already reflect some symptoms of exhaustion.
Through the advance of November, the most moderate since July 2021, services chain 21 consecutive months of year-on-year increases after a year of falls as a result of the pandemic. This implies that the annual rate is situated around a growth of 13.4% if we take into account the corrected series and the seasonal and calendar effects.
The trade invoiced last November 16.1% more than in the same month of 2021, while Other services increased their sales by 9.7% year-on-yearespecially driven by administrative activities and auxiliary services (+15.5%), hospitality (+14.7%) and professional, scientific and technical activities, which increased their turnover by 10.4% year-on-year.
Within the hospitality industry, Accommodation Services increased their sales by 21.3%, while food and beverage services billed 12.2% more than in November 2021. In terms of turnover, this sector has increased by 0.4 within the terms monthly if we consider the corrected seasonal and market effects.
By activities, the greatest increases in sales were registered by the travel agencies and tour operators (+63.4%) and air transport, which increased them by 51.6%. Among the decreases, the most pronounced corresponded to film and television program activities (-34.4%) and rail transport, which cut its turnover by 10.3% compared to November 2021.
In monthly terms and in seasonally and calendar-adjusted data, the services sector registered a monthly increase in sales of 2.7% in November 2022, its highest increase since last April. For the twentieth consecutive month, employment in the services sector grew last November, and it did so at an interannual rate of 2.2%, a rate five tenths lower than that of October.
Registers of the autonomous communities
Balearics It was the community that increased job creation in the service sector the most during the month of November, with an interannual rise of 8.6%. This is followed by Canary Islands (4%) showing a clear dominance of the archipelagos in terms of occupation. The next community with the most employment in the sector during November has been Estremadura (3.5%). However, there are also communities that have reduced their number of employees, being Aragon the most affected community with a decrease of 1.8%. they follow him Cantabria (-1.6%) and the Foral Community of Navarre (-0.4%).
Besides, Galicia It was the region that increased sales the most, 30.7% in the interannual rate. This is followed by Balearic Islands (22.9%) and the Foral Community of Navarra (19%) On the opposite side are the most isolated communities in commercial terms, which are: the Principality of Asturias (5.9%), Estremadura (5.5%) and the Region of Murcia (3.4%).