The export sector, supporting the economy.
Improved competitiveness. Spain becomes a
net saver.
Most of the 2013 improvement in Spain’s economy is
based on the strong performance of the export sector.
Tourism, exports and lower domestic activity have all
contributed to shrinking imports (1.43% down on the
previous year to November 2013), resulting in a rapid
transformation of our trade position from deficit to
surplus. In the first half of 2013, Spain ceased to need
foreign financing for the first time in 15 years. 2007’s 10%
deficit of GDP has become a 2% surplus today.
Exports have become the lifebelt for many compa-
nies, particularly in the large and medium segments.
Exporting companies grew by 10% in the year. Exports
contribute around 62% to the total turnover of listed
companies.
At times in 2013, Spain reported the fastest export
growth in the world, and was the second largest in
Europe, after Germany. Exports now account for 34% of
Spain’s GDP, compared to hardly 20% before the crisis.
Spain is the only major Eurozone economy to have
increased its exports and sales outside the EU, which now
stand at 38.8% The non-energy trade surplus increased
by 70% in 2013, whilst the trade surplus with the EU was
over €12 billion, double the 2012 surplus.
This extraordinary export performance has mainly been
possible due to competitiveness gains from falling salary
costs, whilst also overcoming a 15% appreciation in the
euro over the last year and a half. This cost containment
has boosted productivity -rising at between 1.5% and
2% per worker year-on-year- and company profits. Large
companies estimate that Spain’s unit labour costs will fall
by a cumulative 1.5% in 2014 and 2015, compared to a
2.9% increase for Eurozone countries. Gross profit per
worker in Spain will increase by 6.7% in 2014 and 2015,
easily beating the 1.5% in the rest of the Eurozone.
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2Q 2013
40.00
20.00
0.00
-20.00
-40.00
-60.00
-80.00
-100.00
-120.00
9
8
7
6
5
4
3
2
1
0
Capacity or need (billion euros). Left axis.
Source: Banco de España.
Real interest rate (%). Right axis
Spain becomes a net saver
Funding Capacity (+) or Need (-) of Spanish economy against rest of world vs. real interest rate.
The Market Environment
Annual
Report 2013
BME
24
1...,14,15,16,17,18,19,20,21,22,23 25,26,27,28,29,30,31,32,33,34,...236