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Results of non-financial corporations in 2015 and in the first three quarters of 2016

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The productive activity of firms continued on the path of recovery, both in 2015 overall and in the first nine months of 2016, while employment rose in most sectors and firms. The upturn in ordinary profit allowed aggregate ordinary profitability levels to increase once again, both in 2015 and the period analysed so far in 2016, although the unfavourable course of extraordinary costs and revenue in 2015 led to a fall in net profit for the year. Lastly, in 2015 and the first three quarters of 2016, the financial position of firms grew stronger, as reflected in the decrease of the debt ratios and, to a greater extent, the debt burden ratio. This article contains two boxes, the first of which explains how, in 2015 (the most recent period for which data are available for this type of firm), Spanish SMEs were characterised by more buoyant economic activity, stronger employment growth and higher profitability than larger firms. The second box analyses the performance of firms in terms of changes in employment, and concludes that firms that have expanded their workforces in recent years are characterised by being more profitable on average and having a sounder financial situation than other firms
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Economic bulletin / Banco de España , noviembre 2016, p. 3-18
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