Spain Business Turnover

Data Macro

Source: Instituto Nacional de Estadistica
Source Link: https://ine.es/
Frequency: Monthly
Next Release(s): October 22nd, 2025 2:00 AM

Latest Updates

Spain’s Business Turnover Index (seasonally & calendar adjusted) rose 4.1% YoY in July 2025 but fell -0.5% MoM, indicating solid annual growth but a slight monthly pullback.
- The unadjusted BTI rose 4.7% YoY, while the adjusted series showed a 4.1% YoY gain, underscoring broad momentum despite calendar effects.
- Electricity and water supply led annual growth at +20.8% YoY, making it the strongest performing sector.
- Construction activity increased 5.1% YoY, while trade rose 3.7% YoY, both contributing to overall turnover gains.
- Extractive and manufacturing industries posted a modest +1.3% YoY increase, reflecting slower momentum relative to other sectors.
- On a monthly basis, only electricity and water supply recorded growth (+5.1% MoM), while extractive and manufacturing industries fell -1.0% MoM, dragging on the total index.
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Spain’s Business Turnover Index (seasonally & calendar adjusted) rose 1.5% MoM in June 2025 and 5.1% YoY, indicating solid momentum across most sectors and the strongest monthly gain since January.
- Electricity and water supply posted the strongest annual gain, up 14.2% YoY, making it the largest contributor to the overall growth.
- Trade turnover increased 5.9% YoY, reflecting broad-based strength in domestic demand.
- Construction activity rose 5.8% YoY, adding to the positive trend in the broader services and industrial sectors.
- Extractive and manufacturing industries were up 1.8% YoY, a more modest increase compared to other sectors.
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Spain’s Business Turnover Index (BTI) declined -0.1% MoM in May 2025 but rose 2.6% YoY, showing continued annual momentum despite monthly stagnation.
- Market non-financial services led growth with +0.9% MoM and +4.6% YoY.
- Electricity and water supply saw the steepest declines, down -9.5% MoM and -4.2% YoY.
- Trade rose +4.2% YoY, while extractive and manufacturing industries posted a modest +0.3% YoY increase.
- The unadjusted BTI rose just +1.1% YoY, reflecting calendar distortions.
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Spain’s Business Turnover Index declined -0.8% MoM in April 2025 but rose 3.3% YoY, with underlying strength in services and utilities despite monthly weakness.
- Electricity and water supply turnover fell -10.2% MoM but was up 22.4% YoY, the strongest among sectors.
- Extractive and manufacturing industries dropped -1.0% MoM and -1.3% YoY.
- Trade turnover declined -0.9% MoM but increased 3.1% YoY.
- Market non-financial services was flat MoM but rose 3.9% YoY.
- The unadjusted BTI fell -0.3% YoY, compared to +3.3% YoY in the adjusted series.
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Spain’s Business Turnover Index (BTI) was flat at 0.0% MoM in March 2025 (seasonally and calendar adjusted) and rose 5.5% YoY, down from 6.7% YoY in February.
- Electricity and water supply turnover surged 37.2% YoY and 7.4% MoM, the strongest among sectors.
- Trade turnover increased 6.0% YoY, while Market non-financial services rose 5.1% YoY.
- Extractive and manufacturing industries turnover was up just 0.4% YoY and declined -1.0% MoM, the weakest performing sector.
- The unadjusted BTI rose 8.9% YoY, reflecting strong base effects despite flat monthly growth.
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Spain’s Business Turnover Index rose 0.1% MoM in February and is up 3.8% YoY after seasonal and calendar adjustment, down from 5.5% YoY.
- Electricity and water supply turnover surged 21.0% YoY.
- Trade turnover rose 1.2% MoM and 4.8% YoY.
- Market non-financial services turnover was up 4.2% YoY but fell -0.7% MoM.
- Extractive and manufacturing industries turnover rose 1.0% YoY.
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Spain’s business turnover increased 1.7% MoM for the second straight month in January and is now up 5.3% YoY.
- Manufacturing and mining turnover is up 1.7% YoY, and wholesale trade turnover is up 4.6% YoY.
- Utilities turnover has surged 4.5% MoM and 19.0% YoY.
- Other non-financial market services turnover was up 6.5% YoY.
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Total business turnover in Spain increased 1.5% MoM and 3.7% YoY, the highest since March 2023.
- The strong growth was lead by utilities turnover up 13.7% YoY and non-financial services turnover growth of 4.9% YoY.
- Seeing slower but still solid growth were the mining & manufacturing industries (+1.9% YoY) and trade (+2.8% YoY).
- For the whole year 2024, total business turnover increased 0.2%.
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