Turnover in the services sector suffers a historical drop of 15.6% in 2020

Turnover in the services sector plummeted 15.6% in 2020 compared to the previous year, the largest decrease in the historical series, which begins in 2000, according to the Service Sector Activity Indicator (IASS) published this Monday by the INE.

The effects of the coronavirus pandemic and the measures taken to curb it especially eroded hospitality sales, which plunged 50.1% in the year.

The breakdown of activities reveals that the businesses that lost the most sales in 2020 were travel agencies and tour operators (75%), accommodation services (68%), air transport (60.1%), transportation by taxi (53.6%) and food and beverage services (43.6%).

In fact, the only services that increased their turnover in 2020 were the sale of equipment for information and communication technologies (4.7%) and agricultural raw materials and live animals (0.4%), as well such as security and investigation activities (0.2%).

Employment in the services sector fell by 4.3% in 2020, with a special impact on the hotel industry (13.3%), particularly in accommodation services, which decreased their workforce by 19.8%.

In line with the different effects on the sector, the autonomous communities that lost the most turnover from services were the most touristy, the Balearic Islands (37.8%) and the Canary Islands (29.9%), although Madrid also experienced major setbacks (18 , 3%) and Catalonia (15.6%).

Regarding the monthly evolution, in December 2020 the turnover of services chained down its tenth consecutive month with a year-on-year decrease of 8.7%, far from the drop of 41.5% in April, in full confinement.

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