Turnover in the services sector (according to VAT returns)

Turnover falls in a majority of services in the fourth quarter of 2020

Economic indicators
Turnover falls in a majority of services in the fourth quarter of 2020

The COVID-19 crisis has had an impact on turnover in the fourth quarter of 2020 compared to the same period the year before, due to the new lockdown measures, from mid-October in the accommodation and food service activities and from beginning November in other sectors (e.g. the activities of travel agencies, tour operators and other reservation services have almost completely ceased due to non-essential travels being discouraged), and due to the closing of non-essential shops in November. Almost 60 % of economic sectors included in this statistic registered a turnover decrease. The most significant turnover decreases were registered in the sector ‘N79 Travel agency, tour operator and other reservation service and related activities’, in air transport (H51), in the sector ‘Accommodation and food service activities’ and in the sector ‘J59 Motion picture, video and television programme production, sound recording and music publishing activities’. However, in just over 40 % of economic sectors, the turnover increased. This is the case, for example, in the sector ‘H53 Postal and courier activities’ and in the sectors ‘J62 Computer programming, consultancy and related activities’ and ‘J63 Information service activities’.

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 codes at a more detailed level (e.g. G46) and other codes 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 last 2 years should still be considered as provisional, and can still be revised due to late vat returns or derogations.

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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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