With the current economic environment, the world’s perception of Spain has been downgraded in the last 5 years. Government bond yields soared, credit ratings have fallen sharply and corruption scandals are often blamed of Spain’s economic situation by foreign analysts… And as a matter of fact, we do have problems, but as any other country in a worldwide crisis where Brazil’s current growth is merely 0.9% and China’s double digit rates are gone.
Fortunately, we do have some examples to show we can offer something else to our very welcome foreign friends.
Some facts
§ Despite the crisis and our shameless politicians (but this is another story), Spain is the 4th largest economy in the euro zone, 5th in the EU and the world’s 12th largest economy[1].
§ Spain has a powerful network of infrastructures, placed among the world’s top ten countries with the best quality in this field[2].
§ It ranks Europe’s 3rd in terms of passenger air traffic and 4th in maritime freight transport in the EU.
§ Spain offers a geostrategic position as EU member, bridge between Africa and Europe, and key party for establishing relationships with Latin America.
§ IBEX 35 listed companies generate over 60% of their revenue abroad.
§ The worlds’ busiest airport, Heathrow, is managed by a Spanish firm (Ferrovial).
§ Many underground railway lines have been built and are currently managed by Spanish corporations (Dragados extension of NY subway system).
§ A third of the world’s air traffic, as well as 100% of Germany’s airspace, are managed through systems developed and installed by a Spanish company (Amadeus).
§ The world’s largest textile firm, with over 5,500 stores around all five continents is Spanish (Inditex).
Leadership by sector
§ Renewable energies:
o 1st country in Europe in wind power production, 4th worldwide in terms of installed capacity (Iberdrola is the world’s top producer)
o Abengoa is the world’s leading company in renewable energies.
o Endesa is one of the five largest electric companies in the world.
o World’s 4th manufacturer of wind turbines (Gamesa).
§ Infrastructures:
o The world’s largest highway concessions company is Ferrovial.
o 6 of the world’s 10 largest companies in infrastructure management are Spanish (Abertis, Ferrovial, FCC, OHL, ACS/Dragados, Sacyr Vallehermoso).
o 1/3 of the world’s air traffic is managed through Amadeus.
o Spanish companies are a reference in building and managing railway infrastructures
§ Automotive sector: Spain ranks 2nd among European vehicle manufacturers and 9th worldwide, topping the ranks in industrial vehicles.
§ Financial sector:
o Two of the world’s principal financial institutions are Spanish (Santander & BBVA).
o The best bank in the world is Santander[3].
o 12% of the British banking system is controlled by Santander.
§ Healthcare technologies:
o Spain ranks 1st in Europe and 3rd worldwide in the field of agrobiotechnolgy. It also ranks 5th in the world in biochemistry and molecular biology.
o Grifols is the world’s 3rd largest producer of blood derivatives and plasma.
o We are the country with highest donations rate in the world. The Spanish model for transplant management has been recommended by the World Health Organisation (WHO).
§ Food and agriculture:
o World’s leading producer of rice and 2nd of pasta (Ebro foods).
o Top producer and exporter of olive oil.
o World’s top exporter of fruit and vegetables.
o Spain has the world’s largest extension of vineyards and ranks 3rd worldwide as a wine producer and 2nd as wine exporter.
§ Tourism:
o Spain is the world’s top holiday destinations, the 2nd most visited country and ranks 2nd in terms of tourism revenue.
o 5 Spanish companies are among the world’s 30 most important hotel groups and one of them is the world’s leading hotel chain.
And the list could go further on, as I have only focused on business. The take out would be that with only over 30 years of democratic history and openness to the rest of the world, Spain has performed fairly well. In that sense, we should be less pessimistic and be re-assured that as a country, Spain is not that far behind other countries as most people think.
So, next time you think “hey, Nordic countries beat us in almost every single field”, take a minute, enjoy a refreshing glass of Cava and think of what we achieved. After all, we are the only ambassadors that could change our foreign friend’s minds.
PS: Next time I will be much more critical with Spain as reality is far from ideal, but I felt it was right to bring some light on what our industry have achieved so far.
Notes:
1: In GDP terms
2: According to the Global Competitiveness Index 2012-2013
3: According to Euromoney Magazine 2012
Sources:
“Spain’s positioning: Leadership key factors”, Marca España
The Economist
CNN Money
