After the increases in November 2021 (+1.2%) and December 2021 (+1.1%), the EMAE for January registered a slight decrease of 0.5% monthly without seasonality. However, for the seventh consecutive month, it exceeds the pre-Covid level of February 2020 (+4.6%) and is only 3.6% from the maximum of November 2017. For its part, the trend-cycle series recorded a rise of 0.2% per month and accumulates 17 months on the rise
In year-on-year terms, it registered a growth of 5.4% and accumulates 11 months on the rise. If compared to January 2020, the EMAE also grows 3.2%, while the rise is 1.5% compared to January 2019.
By sector of activity, in January 13 of the 15 sectors that make up the indicator grew year-on-year. Led growth again Hotels and restaurants sector, which grew 51.5% year-on-year and contributed 0.6 percentage points -pp- to the growth of the EMAE in January.
They also grew at double-digit rates Mines and quarries (+14.0% year-on-year; contribution 0.4 pp), Agriculture (+10.6% year-on-year; contribution 0.5 pp)Public administration (+10.0% year-on-year; contribution 0.5 pp) and Transport and communications (+10.1% year-on-year), the latter sector registering the largest sectoral contribution to the growth of the EMAE for the month (0.8 pp) .
In addition, they grew Real estate, business and rental activities (+4.3% year-on-year; contribution 0.5 pp)Commerce (+4.0% year-on-year; contribution 0.5 pp) and Construction (+0.5% year-on-year; contribution 0.02 pp), in addition to Taxes (+5.9% year-on-year; contribution 1, 1pp).
On the contrary, the only two sectors in decline were Fishing, which fell -15.3% year-on-year, and Industry, which practically remained stable compared to the same month of the previous year (-0.1% year-on-year), both sectors with low impact on the general level of the EMAE.
In the case of Industry, this slight drop was the first after fourteen months of growth and was explained by scheduled technical stoppages and lower activity in factories in the context of the summer holidaysstaffing difficulties due to the resurgence of Covid-19 and energy supply problems due to the heat wave- among other reasons specific to each manufacturing sector.
Compared to January 2020, 10 of 15 sectors grow. The largest increases are in Agriculture (13.6%), Construction (11.8%), Commerce (7.5%) and Electricity, Gas and Water (7.3%), with falls in Fishing, Hotels and restaurants , Transport and communications, Health and Other service activities.
Compared to January 2019, 9 sectors grew, with higher increases in Electricity, Gas and Water (12.0%), Real estate, business and rental activities (6.5%), Mines and quarries (6.2%) and Commerce (5.4%) and cancellations in the same sectors adding Financial intermediation.
Source: Ambito
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