Job market
The Spanish economy is the fourth largest in the euro area, fifth largest in the European Union and fourteenth in the world in terms of nominal gross domestic product (GDP). In early 2020, Spain’s growth was stronger than in previous economic cycles and exceeded the European average. The health crisis caused by COVID-19 changed this. As elsewhere in the world, the public health measures and restrictions of movement and economic activity had an impact, with a fall in employment and higher unemployment.
From an employment viewpoint, Spain’s business structure is highly fragmented into small units. In fact, eight out of ten companies in Spain have fewer than three employees. The largest percentages of small businesses occur in the service sector, especially retail and wholesale. In contrast, the bulk of large companies is concentrated in the industrial sector. Moreover, a significant number of large companies are major international players in sectors related to infrastructure development, renewable energy, tourism, banking, insurance, the textile industry, health technology, aerospace, the agrifoods sector and the automotive industry.
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