The salary in large companies rose by 4% in August and employment by 5.2%, after growing sales by 6.4%

The Tax Agency indicates the change in salary increases as a result of the price increase

MADRID, 11 Oct. (EUROPA PRESS) -

Total sales of large companies operating in Spain, deflated and corrected for seasonal and calendar variations, grew by 6.4% year-on-year in August 2022, while employment increased by 5.2% and wages rose 4%, according to the statistics 'Sales, employment and wages in large companies' published this Tuesday by the Tax Agency.

The growth of 6.4% registered in sales represented a rebound with respect to the moderating trend that had been observed in the last three months. The improvement was supported by the positive evolution of domestic sales, while exports, on the other hand, lost some intensity, although they still maintained growth rates above 10%.

Specifically, domestic sales increased by 5.1% in August, more than one and a half points above the rate observed in July. Consumer sales showed a good performance (9%), with an advance very similar to that of the previous month and higher than that registered in the second quarter as a whole. On the other hand, sales of capital returned to positive territory (6.6%) as a result of the rebound in sales of capital goods and software (14.5%), which offset the new decline in construction (-10% ).

On the other hand, exports moderated slightly in August after the good figure for July, although rates above 10% are maintained in the month, in the quarter and in the year as a whole. Specifically, growth in August was 10.6%, a percentage just one point below the average for the year.

The slight slowdown comes from the lower increase that occurred in sales directed to third countries (13.8%), which last month increased exceptionally by 18%. On the other hand, those destined for the European Union improved their growth rate by one point compared to the previous data, up to 7.4%.

As for the increase in the number of recipients of income from work, the fiscal indicator of salaried employment, it maintained its intensity in August and grew by 5.2%, the same figure as that of the previous month.

Although the rate is lower than that of the first half of the year, in intermonthly terms the increase is even higher than that observed in July.

For its part, the average gross yield rose by 4% in August and accumulated growth in the year of 3.6%. As the Tax Agency explains, this year's increase is clearly higher than that of 2021 (1%), but also those of previous years, since you have to go back to 2008 to see something similar.

"The explanation lies in the salary update that is taking place to a greater or lesser extent in response to the price escalation that the economy has been experiencing since mid-2021," they have pointed out from the agency.