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.