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.