Biggest decline in Service Sector turnover in history.

Biggest decline in Service Sector turnover in history.

22-06-2020M. À. Cañellas

The Balearics Services Sector completely collapsed in April, which was the most difficult phase of the coronavirus lockdown.

Turnover fell by 61% compared to April 2019, it was the sharpest fall in the country and well above the State average of -41.4%, according to the latest data from the National Statistics Institute, or INE.

It’s also the highest fall in history, double the 30.1% recorded in March and in just two months Service Sector declined by the same amount as it did in six months of 2009.

The INE data underlines the severity of the economic crisis caused by the coronavirus pandemic and also reveals that a 16.1% slump in the annual employment rate in the Services Sector, again, much higher than the State average decline of -5.5%.

Industry turnover in the Balearic Islands fell by 46.9% in April compared to the same month in 2019, which is higher than the national average of -40.8%, although lower than the Basque Country at -50% and Navarre at -48.3%.

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