ICEX has just published “Spain: your partner in Europe. Business opportunities”
ICEX -Invest in Spain- has just published the guide “Spain: your partner in Europe. Business opportunities”, that includes macroeconomic information of Spain and the most relevant sectors of the country (Edition Date: 5 November 2018).
These are some of the main factors and figures:
– Spain is the world’s 14th-largest economy and the 5th-largest economy in the EU: GDP worth 1.4 trillion USD
– Spain is the 11th-largest exporter of commercial services worldwide and the 16thranked exporter of merchandise trade
– International Export Services from Spain -excluding Tourism- to third markets reached more than 60 Billion € in 2017. More than 120 Billion € including Tourism.
– According to WTO Spain ranks 11th Worldwide.
– Spain is the 2nd country worldwide in revenues and the 1 st in Europe.
– Spain ranks 2nd in tourist arrivals worldwide and 2 nd in Europe. Appart from this figure, it remarks that Spain is an open and friendly society to foreign investors and tourists 40.3% of our tourists have visited Spain ten or more times in their lifetime. 82% are repeat visitors
– Spain is the 9th-most open country to Foreign Investment according to OECD’s FDI Restrictiveness Index
– US, UK, Italian, French, German Companies are the largest investors in Spain.
– Increasing investment in Europe from UK and France; Asia, from China and Latin America: especially from Mexico, Brazil, Colombia and Argentina.
Labour costs in Spain are much more competitive than in other main European economies. According to Eurostat [and German statistics] Spain labor cost are between 20 and 40 per cent lower, more competitive, than those existing in France, Netherlands, Germany, Ireland or UK.
Spanish Labour Productivity is better than main economies in EU-28
In which respect to Social Security Costs, employer contribution rate: 30,9% in case of permanent contract. Incentives for certain hiring and training contracts applied to reduce employer Social Security Contributions.
If the monthly salary is higher than the maximum contribution base, the Social Security rate applies to this maximum contribution base, where the effective rate is lower
Example of Employer’s Social Security Contribution in Spain
If a company hires a worker with a salary of 20,000€, the total employer contribution to Social Security is 6,180€ per year.
Click here for further information. And remember that if you are thinking about set up a company in Spain, or if you have workers in Spain, don´t hesitate to contact our team of experts.