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Spanish Government warns about the negative impact of Brexit in Spanish economy

A recent report from the Spanish Government informs that Brexit may derive of a severe decrease on the Spanish GDP, focussed overall in exports and touristic industry. Also, in terms of Spanish contribution to the EU budget, Brexit will make Spain to increase its contribution in around 900 million more to the EU

Due to this impact, the Spanish Government has elaborated a report which has been passed to the European Commission detailing how negative could be for Spain a “hard Brexit” from UK as one of the greatest commercial Spanish partners.T

This report also treats about the UK citizens living in Spain, being almost one million, and for the 300.000 Spaniards residents in UK. Also, more than 15 million tourists visit Spain every year.

In other words:

  • UK represents the first and the biggest source of investors in Residencial properties
  • UK represents the first and the biggest source of tourists

In relation to Spanish GDP, loses may vary from 2-4.000 million Euros, and Spain will be forced to contribute in almost 1 million more to the EU budget.

Also, some Spanish regions as Melilla and Murcia will lose European funds for development, with a grave result on these regions’ economy.

Talking about sectors, the most affected will be agro alimentary, motoring and, tourism. Also financing will be really affected, as big Spanish banks, as Santander have essential presence in UK, as well as Iberdrola and Telefonica.

So, we can say that all the essential Spanish sectors will be highly damaged.

As conclusion, Spanish Government position towards Brexit is clear: they definitely expect a “soft” Brexit, not a “punitive” one against UK.

This report must give a “breath” of positivism to Spanish and UK companies with commercial relationship between both countries, and also for those Brits with residence in Spain. The aim from Spain is not leaving so essential actives from Spain affected by Brexit.

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