Real estate activities decrease by 31%; wages increase – NSO

In the second quarter of 2019, real estate activities decreased by 31.7% when compared to the same period of 2018, statistics from the National Statistics Office (NSO) revealed.

Additionally, employment, gross wages and salaries paid, and hours worked rose by 1.0%, 2.3% and 0.7% respectively over the corresponding quarter in 2018.

When comparing to the same quarter in 2018, the turnover of real estate activities (working-day adjusted) decreased from 219.9 to 150.2. This sudden drop comes as a shock since, on the other hand, the NSO had recorded a 128.6% increase in working-day adjusted turnover in 2018, specifically in real estate activities in their Short-term Services Indicators.

Read: Substantial increase in working-day adjusted turnover in real estate sector

 

Credit: NSO

When compared to the second quarter of 2018, working-day adjusted turnover index decreased by 2.1 %. Increases in turnover were registered mostly in information and communication activities (7.9%), in the motor trade (4.5%) and in retail trade (2.8%). Decreases were mostly seen in real estate activities (31.7%), in administrative and support service activities (17.8%), and professional, scientific and technical activities (3.5%).

 

When compared to the previous quarter, the seasonally adjusted services turnover index decreased by 0.2%. Increases were mostly recorded in real estate activities (23.3%), motor trade (2.3%), and in accommodation and food service activities (2.0%).

Decreases were mostly registered in the administrative and support service activities (6.5%), in professional, scientific and technical activities (4.5%) and the information and communication (1.7%).

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