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February 24, 2015

Service activity in Spain in 2014 sector increased by 2.7%

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Service activity in Spain in 2014 sector increased by 2.7%

The turnover of services market in Spain increased by 2.7% in 2014 was announced on Tuesday by the National Statistics Institute (INE). Adjusted for seasonal and holiday variations, this index showed an increase of 2.6% for the entire 2014. Meanwhile, employment in the sector grew by 1.1% compared to the previous year. In December 2014, the industry recorded an annual growth of 4.7%, namely, two points above those recorded in November. Therefore, continued the trend of growth of the Spanish economy in this industry for 16 consecutive months. All regions recorded an increase in turnover of the services market in December 2014, the Balearic Islands (+ 7.4%) and Catalonia (+ 6.4%) is in front of this list. Overall, in 2014 all regions also showed positive growth rates. The Balearic Islands (+ 5%) and Canarias (+ 4.5%) this time are in the first place.

As for the Spanish industry, in this case, the total trade volume in 2014 increased by 0.9% compared to the previous year. Data adjusted for seasonal and holiday effects, the index showed a change of 0.5% compared to 2013. By type of economic goods and investment destination dominate the means of production (+ 5.2%) and consumer non-durable goods (+ 0.3%).

Thus, as evidenced by the official statistics, we can talk about the recovery of the Spanish economy and, in particular, of the service sector, including such important areas as tourism. Spain continues to increase the pace of economic growth, which is transmitted in the increasingly positive perception of the situation in the country by locals and foreign investors.

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