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.