Turnover in the services sector (according to VAT returns)

Turnover in the services sector in second quarter 2022

Economic indicators
Turnover in the services sector in second quarter 2022

The turnover of all sectors monitored in this statistic increased in the second quarter of 2022 compared to the same period last year. All enterprises were fully active in the second quarter of 2022 while in some sectors, such as air transport, travel and reservation services and the ‘horeca’ sector, enterprises were still (partly) closed or just starting up again in the second quarter of 2021. It is therefore in these sectors that the greatest increases in turnover are recorded: +209% in the sector ‘N79 Travel agency, tour operator and other reservation service and related activities’, +84% in the air transport sector and +77% in the ‘horeca’ sector. In the sector ‘J59 Motion picture, video and television programme production, sound recording and music publishing activities’, a sector that was still faced with restrictive measures in the second quarter of 2021 (which was no longer the case in the second quarter of 2022), the turnover increase amounts to 58%. For some sectors, the increase in turnover is also partly due to high inflation (increase in output prices), such as in the wholesale trade (+30% in G46) and in energy-intensive sectors such as transportation (+32% in H49 and 29% in H50) and storage (+27% in H52).

This statistic gives the turnover indices for a number of sectors specified by Eurostat: the wholesale trade and a number of services such as transport, accommodation and food service activities, ICT, advertising and market research. The sectors are divided according to the 2008 NACE classification and Eurostat's specifications. Consequently, indices are also available for some subsectors on a more detailed level (e.g. G46) and other subsectors are brought together (e.g. M69 and M702). The indices per year give an overview of the evolution of the turnover for a particular sector during the last few years. The reference year is 2015. The quarterly indices reflect the evolution during a given year and can also be used to make year-on-year comparisons of a particular quarter. This way, they make it possible to detect cyclical changes. These indices are gross indices, but the user can create himself a table also showing the seasonally adjusted indices and the trend. The figures of the last 2 years should always be considered as provisional and can still be revised due to late and/or different VAT returns.

Tabel
Content

Turnover index for the services sector (NACE 2008) according to VAT returns, last 5 years (base year = 2015)

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Purpose and brief description

Turnover includes all amounts (excluding VAT) that correspond to the sale of goods and services by the VAT payer to third parties in Belgium or abroad.

Population

VAT-registered units, of the following NACE codes (nomenclature NACE 2008): divisions 45 and 46 and sections H to N.

Frequency

Quarterly.

Release calendar

Results available 2 months after the reference period.

Definitions

Gross index (Turnover according to the VAT returns): An index shows the evolution of a variable with regard to its value during the initial period, which is called the base period (in general, the base period corresponds to one year).

Trend (Turnover according to VAT returns); The trend shows the underlying level of the original series, taking into account its long-term evolution.

Seasonally-adjusted index (Turnover according to the VAT returns): A seasonally-adjusted index takes into account the trend and the 'irregular component' (see below) of the original series, but not the seasonal and calendar effects. Seasonal effects are effects that are directly caused by the seasons or that arise from them through social customs. Calendar effects are effects that are caused by differences in the number of days per period, because of variable public holidays (e.g. Easter) or the occurrence or non-occurrence of a leap year.

Irregular component: The 'irregular component' is the part of the series that cannot be explained by the seasonal component and the trend and thus corresponds to unforeseen shocks (e.g. extreme weather phenomena, strikes).

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