The turnover index in the services sector decreased by 4.2 percent in the first quarter this year from the previous quarter, registering a decline in all sectors. Data by the National Statistics Officeshows that the sharpest drop was experienced in real estate activities which fell nearly 34 percent, followed by accommodation and food service activities at 22 percent.
Retail trade registered the smallest decrease at 0.2 percent, buoyed by food services which actually increased by 4.3 percent. The gains were, however, offset by a 5.0 percent decrease in the non-food area of retail trade.
Compared with the first quarter of 2019, the turnover index fell by 1.3 percent. The biggest decrease was felt in the accommodation and food service sector which fell by 20.5 percent; administrative support activities and real estate activities recorded a dip of 10.5 percent and 9 percent, respectively. On the other hand, increases were registered in information and communication activities (11.8%), retail trade (3.4%), and wholesale trade activities (0.7%).
Turnover is calculated every quarter and includes total sales and other income, expressed net of VAT.