.

1. -100
-80
-60
-40
-20
0
20
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Wholesale trade
Retail trade
Transport and storage
Hospitality sector
Professional, scientific and technical activities
-30 -20 -10 0 10 20
Canary Islands
Community of Madrid
Asturias
Andalusia
Basque Country
Balearic Islands
Murcia Region
La Rioja
Castile-La Mancha
Navarre
TOTAL
Cantabria
Aragon
Extremadura
Catalonia
Galicia
Castile-Leon
Valencian Community
Average 2020
December
Activity indicators
Service sector
In December, the General Services
Sector Turnover Index registered an
8.7% year-on-year contraction,
accumulating. This figure has remained
in negative territory for the 10th
consecutive month, but it has improved
compared to November (-12.6%), which
indicates a slight recovery of the sector
that coincided with the Christmas
season.
In 2020 as a whole, the index closed
with an average annual contraction of
15.6%, in both the original series and the
seasonally- and working-day-adjusted
one.
By branches of activity, they all
registered negative rates in December,
with the hospitality sector standing out
with a decrease of 52.9% (-50.1% in the
annualized average for 2020).
For its part, trade registered a
contraction of 8.7% (-15.6% in 2020),
and there was a 10.5% decrease (-19.1%
yearly average) in transportation and
warehousing.
By Autonomous Community, the service
sector turnover figure fell inall of them. As
an average for 2020, the decreases in the
Canary Islands (27%) and the Balearic
Islands (23.8%) stand out. At the same
time, the Community of Madrid
registered an 11.8% drop and Catalonia
6.8%.
Industry sector
In December, the General Industry
Turnover Index decreased 2.6% year-on-
year (-5.8% in the seasonally and
working-day-adjusted series). For 2020
as a whole, the index showed an annual
decrease of 11.7% (12.0% in the adjusted
series).
By economic destination of goods, the
seasonally- and working-day-adjusted
indexes showed negative annual rates in
all the sectors analyzed, with the fall in
Energy (-37.9%) standing out.
The recovery of international demand in
December affected the evolution of
industrial sales by geographic
destination. While sales increased 3.8%
year-on-year in the foreign market and
2.4% in the Eurozone, the domestic
market remained negative (-3.6%).
By Autonomous Community, the
turnover figure increased in 5 regions,
headed by the Valencian Community
with an increase of 9.8%, Castile and
Leon (3.8%) and Galicia (3.3%).
On the other hand, the worst performing
areas were the Canary Islands with a
decrease of 17.8% and the Community of
Madrid with 13.3%.
Business…
at a glance February 2021
Source: Círculo de Empresarios based on INE, 2021.
General Industry Index by Autonomous Community
Year-on-year (%) change
Source: Círculo de Empresarios bades on INE, 2021.
General Services Turnover Index by branches of activity
Year-on-year (%) change

2. ‘Economy at a glance’, a publication of the Círculo de Empresarios produced by its Department of the Economy, contains information and opinion from reliable sources. However,
the Círculo de Empresarios does not guarantee its accuracy and does not take responsibility for any errors or omissions. This document is merely informative. As a result, the Círculo
de Empresarios is not responsible for any uses that may be made of the publication. The opinions and estimates of the Department can be modified without prior warning.
www.circulodeempresarios.org
0
1
2
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26
27
28
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30
Sep-14
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May-19
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Jan-20
May-20
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Millions
70
75
80
85
90
95
100
105
110
Jun-16
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Feb-21
0
0,5
1
1,5
2
2,5
1 month2 years 5 years 20 years
23rd February 1 month ago 6 months ago
30 years
Germanbusinessconfidence
In February, the index of German
business confidence (drawn up by the
Ifo Economic Research Institute,
Munich) jumped to 92.4 points, its
highest level since last October. German
business confidence increased despite
the lockdown measures introduced to
contain the latest wave of cases as a
result of the pandemic.
At the same time, agents’ expectations
registered an important upturn to 94.2
points, compared to 91.5 in January.
By sectors, optimism in the
manufacturing sector stands out, where
the index increased to 16.1 points, its
highest level since November 2018. On
the other hand, the index remains in
negative territory (-22 points) in the
service sector as a result of the Covid-19
movement restrictions. In trade,
although the index rose 2.6 points to
-14.6 points in February, expectations
remain low.
Labor market, the UK
In the UK, the labor market has started
to stabilize although the continuing
restrictions to counter an upsurge in
Covid-19 cases has put a stop to jobs
recovery and has led to a new increase in
unemployment.
Specifically, in Q4 2020, the
unemployment rate increased 0.4 pp to
5.1% of the working population, the
highest level in almost five years. The
number of unemployed people reached
1.74 million after an increase of 454,000
people in the past 12 months. However,
there were also signs of improvement. In
January 2021, the number of salaried
employees increased by almost 83,000
for the second month consecutively after
10 months of decreases, to a total of
28,287,235 employed people.
Bond yield curve, the US
The predictable upturn in inflation due
to the fiscal stimulus plans and interest
rates at historic minimums, has led
investors to demand greater profitability
in the acquisition of public debt both in
the US and Europe.
More specifically, the yield on a 10-year
US bond hit 1.3%, the highest level in a
year. In Germany, bond yield picked up,
although it remains in negative territory
(-0.35%).
Source: Círculo de Empresarios based on Ifo, 2021.
Source: Círculo de Empresarios based on ONS, 2021.
Source: Círculo de Empresarios based on Bloomberg, 2021.
German Business confidence index (Ifo)
Points
Evolution of the UK job market
Millions of employees and % of the working population
US bond yield curve
%