Business turnover fell 2.1% in 2023 after two years of growth

Company turnover fell by an average of 2.1% in 2023, capping two consecutive years of double-digit growth.

Specifically, the decline in 2023 comes after the companies recorded sales growth of 24.4% and 17.9% in 2022 and 2021, respectively, the report shows. Corporate Turnover Index (ICNE) published this Friday by the National Institute of Statistics (INE).

For the whole of 2023 supply of electricity and water experienced the largest annual decline in turnover, with decrease by 28.8%, followed by industry (-1.9%). On the other hand, trade sales grew by 0.6% last year and services sales by 6.2%, reports Europa Press.

Adjusted for seasonal and calendar effects, company turnover in 2023 fell by an average of 1.8%, with an annual decline in the energy and water supply sector (-28.7%) and in industry (-1.6%) and growth in the service sector (+6.6%). ) and trade (+0.8%).

In annual terms (December 2023 compared to the same month in 2022), the company’s turnover decreased by 5.9% (-3.1% in the adjusted series).

On a monthly basis (December 2023 compared to November of the same year), business turnover increased by 0.2% in the seasonally adjusted series, one point lower than that recorded in November.