Opening up of the Spanish economy: Recent performance and pending reforms
Fecha: noviembre 2019
Ramon Xifré
Internacionalización, Esportaciones, Déficit, Balanza de bienes, Microempresas
Spanish and International Economic & Financial Otlook, SEFO, V. 8 N.º 6
The international expansion of Spanish companies as well as the broader Spanish economy between 2000 and 2018 is generally viewed as a success. In relative terms, Spanish exports kept pace with the growth in German exports over the same period, while significantly outperforming export growth in Italy and France. Data also indicate that the Spanish economy is now more open than either the Italian or French economies. Nevertheless, there are risks and challenges associated with the internationalisation of Spain’s economy. Some challenges, such as the deficit in the balance of trade in goods and the tendency for micro-enterprises (fewer than 10 employees) to dominate the export market, have been longstanding. However, new risks have also recently emerged. While export indicators are slowing sharply, many of the world’s largest economies are turning inwards and questioning the pre-existing model of international trade based on predefined and predictable rules. It is in this context that it becomes essential for Spain’s companies to improve their level of competitiveness and overcome barriers to further international expansion.