The data on gross profit before tax and interest published by the Banco de España in its Central Balance Sheet Data Office have just been published. The slump in the gross economic result of the industrial sector is 40% in the spring year-on-year rate, a fall that aggravates that recorded in the first quarter (-15%). Revenues of non-financial companies fell by 7.1%, while personnel costs rose by 9.6% in 2Q23. Thus, industry is plunged into a perfect storm and accumulates in the middle of the year falls in profits derived from the alarming symptoms of slowdown in activity.
When the National Statistics Institute (INE) published the Labour Force Survey (EPA), the worst second quarter for industrial employment in a decade was announced due to the destruction of more than 60,000 jobs during the spring. Not surprisingly, employers have already expressed their concern about this negative figure.
