Work-day turnover in Real Estate Sector decreases by 31.7% 

3rd September 2019

Overall working-day adjusted turnover decreased by 2.1%, however salaries rose by 2.3% when comparing year-on-year. 

Working-day turnover, referring to sales and other income expressed net of VAT, decreased by 2.1 per cent when comparing the second quarters of 2019 with 2018.

According to figures released by the National Statistics Office (NSO), the biggest annual decreases observed in work-day adjusted turnover was with real estate activities, by 31.7 per cent, followed by admin and support service activities, by 17.8 per cent, followed by professional, scientific and technical activities, by 3.5 per cent and lastly accommodation and food service activities, by 2.5 per cent. The figures are comparing the second quarter of 2019 with that of 2018.

In contrast, the biggest increases in turnover were registered in the ICT sector, by 7.9 per cent, motor trade activities, by 4.5 per cent, in the retail trade sector, by 2.8 per cent, in the transport and storage sector, by 1.7 per cent, and lastly, in the wholesale trade sector, by 1.2 per cent.

Employment increased by 1 per cent when comparing Q2 2019 with the same period in 2018, while gross wages and salaries rose by 2.3 per cent. In addition, hours worked also increased by 0.7 per cent.

Turnover is defined by the NSO as the salaries and other income paid, expressed as a net of VAT.

When comparing turnover with the previous quarter of 2019, a decrease of 0.2 per cent was found. Increases were recorded in the real estate activities, by 23.3 per cent, in the motor trade, by 2.3 per cent, in the accommodation and food service activities, by 2.0 per cent, in the wholesale trade, by 1.6 per cent, in the retail trade, by 0.5 per cent and in transportation and storage, by 0.3 per cent.

Decreases were registered in the administrative and support service activities, by 6.5 per cent, in the professional, scientific and technical activities, by 4.5 per cent and in the information and communication, by 1.7 per cent.

Seasonally adjusted employment decreased by 0.9 per cent while the seasonally adjusted gross wages and salaries increased by 0.7 per cent, when comparing Q2 with Q1 of 2019. No change was registered in the seasonally adjusted hours worked.

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