In the year-on-year comparison, the economy rose 6.7% (vs. + 11.4% year-on-year in September), the most limited positive variation since last March.
Economic activity accumulates, in any case, a growth of 10.4% year-on-year so far this year, and exceeded for the fourth consecutive month the precovid level of February 2020 (+ 2.1%).
For its part, the trend-cycle series registered a monthly increase of 0.2% and accumulated 13 months on the rise.
In October 11 of the 15 productive sectors that make up the EMAE grew year-on-year, with double-digit increases in 5 of them: Hotels and restaurants (+ 61.0% year-on-year; contribution 0.5 percentage points -pp-), Mines and quarries (+ 17.7% year-on-year, maximum variation since the beginning of the series; contribution 0.5 pp), Transportation and communications (+ 11.9% year-on-year; contribution 0.8 pp), Public Administration (+ 11.7% year-on-year; contribution 0.6 pp) and Other service activities (+ 10.0% year-on-year; contribution 0.2 pp). The largest contribution corresponds to Industry (+ 4.9% year-on-year; contribution 0.9 pp).
They also grew the Commerce (+ 4.2% year-on-year; contribution 0.6 pp) and Construction (+ 6.9% year-on-year, contribution 0.2 pp). These last three sectors accumulate 12 consecutive increases, and together with Taxes (+ 8.9% year-on-year, contribution 1.5 pp) they explain 47% of the increase in the EMAE.
Compared to October 2019, 9 out of 15 sectors grew. The biggest rise was in Commerce (+ 3.3%), followed by Construction, Real estate activities and Mines and quarries (+ 3.2%). But Fishing (-32.6% year-on-year), Agriculture (-1.6% year-on-year), Financial intermediation (-1.2% year-on-year) and EGA (-1.0% year-on-year) fell, which together subtract 0.3 pp to the growth of the EMAE.
Source From: Ambito
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