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The Business Turnover Index (BTI) is a statistical operation which allows a monthly short-term indicator to be obtained that measures the short-term evolution of turnover, as a whole, for the non-financial economic sectors: Extractive industries and manufacturing, Electricity and water, Trade and non-financial services.
To obtain this indicator, information from 3 other statistical operations implemented at INE is used. This information includes:
- Industrial Turnover Index (ITI)
- Service Sector Activity Indicators (SSAI)
- Retail Trade Index (RTI)
Additionally, administrative and survey data produced by other agencies is used for sectors not currently covered by the INE: Electricity and water.
The main objective of this index is to measure the short term evolution of the economic cycle through turnover.
The following sections of CNAE-09 are included:
B: Extractive industries (except divisions 05, 06 and 09 which are not relevant in Spanish industry)
C: Manufacturing industry
D: Supply of electricity, gas, steam and air conditioning
E: Water supply, sanitation activities, waste management and decontamination
G: Trade
H: Transport and storage
I: Accommodation and food service
J: Information and communications
M1: Professional, scientific and technical activities
N2: Administrative activities and support services
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1Not including the following activities: 70.1 Activities of head offices, 72 Research and development and 75 Veterinary activities.
2Not including the following activities: 77 Rental activities, 81.1 Comprehensive systems for buildings and facilities and 81.3 Gardening activities.
The three short-term surveys carried out by the INE are designed in a way that they use, in each case, the appropriate methodology to measure those variables required by the Regulation (EU) 2019/2152 of the European Parliament and of the Council of 27 November 2019 on European business statistics. In all cases the observation unit is the Economic Activity Unit (EAU).
On the other hand, for the activities in Sections D (Supply of electricity, gas, steam and air conditioning) and E (Supply of water, sanitation activities, waste management and decontamination), the observation units are the Large Companies that file the monthly VAT return.
The population scope is formed by the units of economic activity whose main activity is included in the following sections of CNAE-09:
B: Extractive industries (except for divisions 05, 06 and 09, which are not relevant for the Spanish industry)
C: Manufacturing industry
D: Supply of electricity, gas, steam and air conditioning
E: Water supply, sanitation activities, waste management and decontamination
G: Trade
H: Transport and storage
I: Accommodation and food service
J: Information and communications
M1: Professional, scientific and technical activities
N2: Administrative activities and support services
Regarding activities in section D and E, companies included in the scope population are companies that, according to DIRCE-2021, cover 80% of the turnover of their section and that are also Large Companies, that is, for tax purposes, the natural or legal people whose trading volume has exceeded 6.01 million euros during the previous natural year.
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1Not including the following activities: 70.1 Activities of head offices, 72 Research and development and 75 Veterinary activities.
2Not including the following activities: 77 Rental activities, 81.1 Comprehensive systems for buildings and facilities and 81.3 Gardening activities.
For the activities studied in the RTI survey, the geographical scope is made up of the entire national territory.
For the ITI and SSAI surveys, the geographical scope is the entire national territory excluding Ceuta and Melilla.
For the activities in sections D and E (which are studied exclusively using VAT returns) the geographical scope is the national territory excluding those territories that fall outside the scope of the application of VAT (Canarias, Ceuta and Melilla) and those companies that operate exclusively in the territories managed by the treasuries of País Vasco and Navarra.
The BTI started being calculated for the reference month of January 2014, base 2010, but the series of published data starts in January 2002. Since March 2018, when the 2018 data began to be published, the data has been published with a base of 2015.
The periodicity of the index is monthly.
In accordance with Regulation (EU) 2019/2152 of the European Parliament and of the Council of 27 November 2019 on European business statistics, repealing 10 legal acts in the field of business statistics, and Commission Implementing Regulation (EU) 2020/1197 of 30 July 2020 laying down technical specifications and arrangements pursuant to Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics repealing 10 legal acts in the field of business statistics, base changes are made every five years with base years ending in zero or five. The indices must be adapted to the new base year within three years from the end of the new base year.
For this reason ITI, SSAI and RTI changed their base in 2018 and in 2024 and the data for these indices are published in base 2015 and 2021. For the sake of consistency, the base has also been changed for the BTI. For this base there is:
Value indices and their monthly, annual and year-to-date rates so far this year.
Business Turnover Index (BTI) data refers to each complete calendar month.
Data referred to the period: Mensual A: 2023 MES: 11
The compilation and dissemination of the data are governed by the Statistical Law No. 12/1989 "Public Statistical Function" of May 9, 1989, and Law No. 4/1990 of June 29 on “National Budget of State for the year 1990" amended by Law No. 13/1996 "Fiscal, administrative and social measures" of December 30, 1996, makes compulsory all statistics included in the National Statistics Plan. The National Statistical Plan 2009-2012 was approved by the Royal Decree 1663/2008. It contains the statistics that must be developed in the four year period by the State General Administration's services or any other entity dependent on it. All statistics included in the National Statistics Plan are statistics for state purposes and are obligatory. The National Statistics Plan 2021-2024, approved by Royal Decree 1110/2020, of 15 December, is the Plan currently implemented. This statistical operation has governmental purposes, and it is included in the National Statistics Plan 2021-2024. (Statistics of the State Administration).
The BTI was ruled by the Superior Council of Statistics in the meeting of the Permanent Commission of June 26, 2013 and follows the guidelines outlined in the National Statistical Plan 2021-2024 for the synthesis and analysis statistics and statistics with the use of administrative records.
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The Statistical Law No. 12/1989 specifies that the INE cannot publish, or make otherwise available, individual data or statistics that would enable the identification of data for any individual person or entity. Regulation (EC) No 223/2009 on European statistics stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society
The BTI is a statistical operation included in the National Statistical Plan, therefore subject to Law 12/1989, of 9 May, of the Public Statistical Function and, consequently, data is protected by statistical confidentiality at all stages of its processing.
The advance release calendar that shows the precise release dates for the coming year is disseminated in the last quarter of each year.
The calendar is disseminated on the INEs Internet website (Publications Calendar)
The data are released simultaneously according to the advance release calendar to all interested parties by issuing the press release. At the same time, the data are posted on the INE's Internet website (www.ine.es/en) almost immediately after the press release is issued. Also some predefined tailor-made requests are sent to registered users. Some users could receive partial information under embargo as it is publicly described in the European Statistics Code of Practice
The BTI is published monthly.
The results of the statistical operations are normally disseminated by using press releases that can be accessed via both the corresponding menu and the Press Releases Section in the web
Information related to this index is published on the INE website. It contains the following publications:
- Press release, which highlights the most influential components in the evolution of the indicator in the reference month.
- Main results, containing tables attached to the Press release.
- Methodology, in which the methodological characteristics of the index are highlighted in greater detail.
These publications are available at:
INEbase is the system the INE uses to store statistical information on the Internet. It contains all the information the INE produces in electronic formats. The primary organisation of the information follows the theme-based classification of the Inventory of Statistical Operations of the State General Administration . The basic unit of INEbase is the statistical operation, defined as the set of activities that lead to obtaining statistical results on a determined sector or subject based on the individually collected data. Also included in the scope of this definition are synthesis preparation.
Survey results are available from 2002 to present.
A wide range of information regarding BTI base 2021 can be accessed from the following link:
In this link the indices, annual, monthly and year-to-date rates and base 2021 weightings are available.
Series corresponding to bases 2000, 2005, 2010 and 2015 are available on the following link:
In 2023, a total of AC1= 33,351 accesses to the INE web page (Tempus and INEbase) to consult information related to this statistical operation were recorded.
As it is a synthesis operation based on other statistical operations conducted by the INE, as well as on administrative records and surveys conducted by other agencies, the BTI microdata is not accessible to the general public.
The methodological manual for this statistical operation can be consulted at:
https://www.ine.es/en/metodologia/t05/t0530083_en.pdf
In 2023, the number of accesses to the methodological documents was AC2=1,264.
The BTI is produced in compliance with the Code of Good Practice for European Statistics adopted by Eurostat. Sections 10.6 to 17 of this document are the user-oriented quality report for this operation.
Quality assurance framework for the INE statistics is based on the ESSCoP, the European Statistics Code of Practice made by EUROSTAT. The ESSCoP is made up of 16 principles, gathered in three areas: Institutional Environment, Processes and Products. Each principle is associated with some indicators which make possible to measure it. In order to evaluate quality, EUROSTAT provides different tools: the indicators mentioned above, Self-assessment based on the DESAP model, peer review, user satisfaction surveys and other proceedings for evaluation.
Each of the statistics that make up the BTI are carried out in accordance with Council Regulation 1165/98 of 19 May 1998 on short-term statistics and follows the EU guidelines, complying with the Code of Good Practice and taking the necessary measures to ensure that the published index meets all the stipulated quality requirements.
To this end, the production processes for each of the indices that make up the BTI include quality controls such as: detection of invalid values, estimation of non-responses, supervision and inspection of fieldwork and comparing information with other statistical sources.
When anomalies are detected through any of the aforementioned checks, the available information is analysed in detail in order to explain the causes of these discrepancies.
The main strengths of this statistical operation are: relevance, punctuality and comparability.
This new operation also has the added advantage of not only publishing the results from the original series, but also publishing the adjusted data for calendar effects and seasonal and calendar effects in accordance with the “INE Standard for the adjustment of seasonal and calendar effects in short-term series” published on the INE website.
https://www.ine.es/en/clasifi/estandar_efectos_estacionales_en.pdf
The survey meets the current information needs of the main users. These include:
Ministries and other public bodies.
Autonomous Communities
Companies.
Researchers and universities
Press
Individuals
Each of these users has different needs according to the purpose and use of the information they need.
Furthermore, this Statistical Operation will offer users a single short-term statistic with which to carry out monthly monitoring of the activity in practically the entire economy and carry out a comparative analysis between the different sectors, as well as analysing the interrelationships that may occur between them.
On the other hand, the series adjusted for seasonal and calendar effects is also published with base 2021, according to the “INE Standard for the adjustment of seasonal and calendar effects in short-term series” published on the INE website (https://www.ine.es/en/clasifi/estandar_efectos_estacionales_en.pdf).
The INE has carried out general user satisfaction surveys in 2007, 2010, 2013, 2016 and 2019 and it plans to continue doing so every three years. The purpose of these surveys is to find out what users think about the quality of the information of the INE statistics and the extent to which their needs of information are covered. In addition, additional surveys are carried out in order to acknowledge better other fields such as dissemination of the information, quality of some publications...
On the INE website, in its section Methods and Projects / Quality and Code of Practice / INE quality management / User surveys are available surveys conducted to date.(Click next link)
On the other hand, those responsible for the survey are in permanent contact with the main users, in order to meet any specific need for information.
Complying with the provisions of the Royal Decree approving the National Statistical Plan 2021-2024, the survey responds to all information requirements requested.
The indicator is R1=100%, where R1 is the rate of available mandatory statistical results, which is calculated as the quotien between the amount of data provided and the amount of data required by the applicable regulations.
As the BTI is a synthesis operation, it may be affected by sampling errors from the different sources used to collect the information.
Nevertheless, an attempt is made to minimise sampling errors in the sample designs of the different surveys that make up the BTI. In addition, the different processes of these are aimed at eliminating or minimising any errors in them, both in the collection phase (monitoring the response rate and controlling the filtering of errors) and in the subsequent imputing of non-response and calculation of aggregate indices, which allows a high degree of reliability to be obtained from these statistical operations and, as a consequence, from the Business Turnover Index.
The BTI is a synthesis statistic and not a survey, so sampling errors are not applicable.
However, it can be affected indirectly by such errors, due to the fact that its information sources include several surveys.
Nevertheless, the sample designs of the different surveys that make up the BTI attempt to minimise sampling errors, which allows a high degree of reliability to be obtained from these statistical operations and, as a consequence, from the Business Turnover Index.
A check for non-sampling errors is carried out in every statistical process.
A quantitative evaluation of non-sampling errors and the risks of any associated bias is carried out in each of the surveys that make up the BTI:
- Lack of coverage, excess coverage and duplicates in the framework
- Collection tools
- Total non-response, including causes for non-response and measures to reduce non-response
- Partial non-response in the main variables of the Statistical Operation (SO)
- Editing, coding and imputing of data
- Model used in the estimation
and the results of this measurement are analysed in order to carry out the appropriate actions to reduce the different error types.
Non-sampling errors in synthesis operations may come both from sources and from the processing of information (lack of coverage, measurement errors). In short, the direct measurement of accuracy in this case is not considered possible. The main tool for analysing accuracy is the analysis of revisions (point 17). The revisions show the degree of proximity between successive estimators with the same value, and it is reasonable to assume that the estimators converge to the true value when they are based on better and more reliable data.
Since the BTI is a synthesis statistic and the availability of data depends on other units and organisms, it is published around 53 days after the reference month, therefore TP2=53 days. There is no advance publication therefore TP1=not applicable.
In the last quarter of each year, the INE publishes the availability calendar of short-term statistics in which it indicates the exact publication dates for the following year.
The BTI is published punctually in accordance with said calendar, therefore TP3=0
Since the BTI is a synthesis operation and is obtained by reusing the information resulting from three other INE statistical operations (Industrial Turnover Index, Service Sector Activity Indicators and Retail Trade Index), with these covering 53.92% of the non-financial economic sectors, comparability between EU countries is assured thanks to Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics, repealing 10 legal acts in the field of business statistics (EBS-Regulation) and to Commission Implementing Regulation 2020/1197 laying down technical specifications and arrangements pursuant to Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics repealing 10 legal acts in the field of business statistic (General Implementing Act).
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As this is a synthesis statistic, and as the series contains data from 2002, some of the INE surveys that form part of it have undergone a change in their base since then, which has resulted in a rupture in some series, however, these have been suitably addressed in order to offer linked series from 2002 to the present.
In January 2024, the number of comparable elements of the series is CC2=265.
According to the provisional 2021 data from the Spanish National Accounts, the activities included in the BTI represent 57.8% of GDP at market prices. If Public Administrations and Net taxes on products are excluded, the activities included in the BTI represent 75.1% of GDP at market prices.
Coherence is an essential matter both in the survey methodology approach and in the entire development process. The coherence of the variables is compared in all phases of the statistical process.
The estimate of the budget appropriation necessary to finance this statistic foreseen in the 2024 Annual Programme is 8.39 thousand euros.
The burden on respondents is nil, since the BTI is prepared using information provided by other statistics.
The INE of Spain has a policy which regulates the basic aspects of statistical data revision, seeking to ensure process transparency and product quality. This policy is laid out in the document approved by the INE board of directors on 13 March of 2015, which is available on the INE website, in the section "Methods and projects/Quality and Code of Practice/INE’s Quality management/INE’s Revision policy" (link).
This general policy sets the criteria that the different type of revisions should follow: routine revision- it is the case of statistics whose production process includes regular revisions-; more extensive revision- when methodological or basic reference source changes take place-; and exceptional revision- for instance, when an error appears in a published statistic-.
Since the BTI is a synthesis statistic, it is affected by the revision policies of each one of the statistical operations (SO) and administrative sources of which it is formed.
In this case, of the SO and administrative sources that make up the BTI, the one that makes the broadest revision of the published data is the Industrial Turnover Index. In this case, the usual revision policy is that for each month, and in light of new information available, the data for the 12 months prior to the last published month are reviewed. In the SSAI, the data from the 4 months prior to publication are reviewed and in the RTI the 2 previous months. However, due to the introduction of the new base 2021 in the ITI, SSAI and RTI, in March 2024 (the date on which the first results were published using base 2021) broader revisions were carried out for all operations.
Any change produced in the series of data published due to the revision process is noted on the INE website, both in the main results tables and in the data tables contained in the Press Releases published each month.
To quantify the average of the revisions to the published index, the indicators MAR (mean absolute revision), RMAR (relative mean absolute revision) and MR (mean revision) are used. The value of these indicators for the annual rate in the last 36 months, from January 2021 to December 2023, are MAR = 0.12, RMAR = 0.57% and MR=-0.044.
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To obtain this indicator, this operation is approached as a synthesis operation, insofar as it is based on the results of three other statistical operations (SO) implemented in the INE to collect the evolution of turnover in the different sectors.
The BTI data for extractive industries and manufacturing is obtained from the Industrial Turnover Index (BTI ), for Trade and Non-financial Market Services the data is obtained from the Retail Trade Index ( RTI) and from the Service Sector Activity Indicators (SSAI).
In addition, the BTI also uses administrative and survey data produced by other agencies for sectors that are not currently being studied by the INE, such as Electricity supply (section D) and water, sanitation and waste management (section E), data that are obtained from the Sales, Employment and Wages in Large Companies report prepared monthly by the Tax Agency. In the case of sales, the information is extracted from the monthly VAT self-assessments by Large Companies (models 303 and 322).
The collection of data from the different statistical operations and administrative sources that make up the BTI is carried out monthly.
In general, as it is a synthesis statistic, the data is sent monthly to the promoter service by the different units that have developed the same.
The techniques for collecting data can vary depending on different factors such as: the type of source, the date of data availability, etc.
As this is a synthesis statistic, the data sent monthly to the promoter service by the different units that have prepared them have already been duly validated in their units of origin, which guarantees their total quality.
However, in the case of data from sections D and E, which come from the Tax Agency, if at any time any type of incoherence is detected in the same, the promoter service contacts the Agency in order to clarify or rectify it.
An elementary aggregate is the component with the lowest level of aggregation for which indices are obtained. The indices of these aggregates are called elementary indices.
In order to construct this Business Turnover Index (BTI), the aggregate indices extracted directly from the surveys of Industrial Turnover Index (ITI), Services Sector Activity Indicators (SSAI) and Retail Trade Index (RTI) carried out by INE will be considered as elementary indices.
For the activities of Electricity and water supply, sanitation and waste management, on the other hand, these elementary indices must be developed from the information received from the Tax Agency with the data from the monthly VAT declarations by Large Companies.
Subsequently, all these elementary indices are aggregated using an arithmetic weighted average. Specifically, a Laspeyres-type index with a fixed base is used.
The main sources of the BTI weightings are the following structural surveys: Structural Business Statistics: Industrial Sector, Structural Business Statistics: Service Sector and Structural Business Statistics: Trade Sector.
Therefore, the homogeneity in the common variables (including turnover) collected in these surveys, make it possible to carry out a sectoral integration of the information, which results in the necessary weightings to calculate this indicator.
As a result of the 2021 base change, the BTI weights were updated. The information used for this update was the data from the Structural Business Statistics: Industrial Sector, Trade Sector and Services Sector for 2021.
To carry out the seasonal adjustment of the BTI series, the INE standard for the adjustment of seasonal and calendar effects has been followed .
Calendar effects are defined as the impact produced in the time series of a variable due to the different structure presented by the months (or quarters) in the different years (both in length and in composition), if the rest of the factors that influence said variable are kept constant.
To correct this problem and obtain a series that compares turnover over time in a homogeneous manner, the series is adjusted taking into account the following calendar effects: working days, Easter and leap year. To collect these effects, regARIMA models have been used with four intervention variables centred on the calendar effect.
Once the calendar effects have been eliminated, the seasonal effects indices are adjusted. Seasonal fluctuations are movements that occur with similar intensity in each month, each quarter, or each season of the year and are expected to continue.
The seasonally adjusted series, i.e., corrected for seasonal and calendar effects, provides an estimate of what is "new" in a series (changes in the trend, cycle, and irregular component).
The adjusted series is published together with the non-corrected series for the sake of a complete analysis of the situation
metadatosICNE-2022_modif_oct.xls