Main economic-financial indicators of non-financial corporations (2024 Q3)
The Bank of Spain publishes quarterly information on the main economic and financial indicators of non-financial corporations (NFCs), broken down by sector of activity (industrial, construction, services) and company size (micro-enterprises, small and medium-sized enterprises and large companies). These statistics are key for analysing the performance of the Spanish corporate sector and monitoring the macroeconomic situation in Spain.
The latest data available, corresponding to the third quarter of 2024, show that NFCs in Spain continued to show a positive performance, although with some moderation compared to previous quarters.
Sales and turnover increased by 6.4% year-on-year in the third quarter of 2024, slowing down slightly compared to the 7.1% growth recorded in the previous quarter. This increase was driven by the services sector, which saw its sales and turnover rise by 7.2%, while the industrial sector grew by 5.6% and construction by 3.8%.
Gross operating surplus (GOS) also increased by 8.1% year-on-year in the third quarter of 2024, following a sharp 10.9% increase in the previous quarter. This slowdown is due to a moderation in the growth of sales and turnover, combined with an increase in operating expenses, such as labour costs and raw material prices.
Net profit increased by 9.2% in the third quarter of 2024, continuing the upward trend of recent quarters. This increase was driven by the services and industrial sectors, which saw their net profit grow by 11.4% and 7.5%, respectively, while construction saw a slight decrease (-0.7%).
Gross fixed capital formation (GFCF), a measure of investment in fixed assets, grew by 10.1% year-on-year in the third quarter of 2024, following a 12.5% expansion in the previous quarter. This investment growth was mainly driven by the industrial sector, which saw its GFCF increase by 12.8%, while the services and construction sectors grew by 8.9% and 4.3%, respectively.
Employment in NFCs increased by 2.3% in the third quarter of 2024, slowing down from the 2.9% growth in the previous quarter. This increase in employment was mainly driven by the services sector, which created 3.1% more jobs, while the industrial and construction sectors saw their employment increase by 1.9% and 0.9%, respectively.
The economic and financial indicators of NFCs in Spain for the third quarter of 2024 show that the corporate sector continues to perform well, although with some moderation compared to previous quarters. The increase in sales and turnover, gross operating surplus, net profit and investment, as well as the creation of employment, are positive indicators that point to a continued recovery of the Spanish economy. However, it is important to monitor these indicators closely in the coming quarters, as the global economic environment could pose downside risks to the Spanish economy.
Main economic-financial indicators of non-financial corporations (2024 Q3)
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