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1、Results 2022 Barometer of the BusinessCBarmetro del clima de negocios en Espaa,Resultados 2022Contents2ContentsClick on each heading of the contents to go to the corresponding page.You can return here from the landing page by clicking on back to contents.1.Presentation 32.Executive Summary 53.Contex
2、t 74.General results 104.1.General rating 114.2.Main strengths and weaknesses 124.3.2021-2022 Comparison 134.4.Main areas for action 145.Prospects of foreign companies in Spain 155.1.Investment prospects 165.2.Employment prospects 165.3.Turnover prospects 175.4.Export prospects 175.5.Impact of the w
3、ar in Ukraine on the companys revenue 185.6.Aspects most affected by the consequences of the war in Ukraine 185.7.Importance for companies in accessing Recovery Funds 196.Results by area 206.1.Labour Market 216.2.Taxation 226.3.Regulatory Environment 236.4.Infrastructure 246.5.Costs 256.6.Financing
4、266.7.Human Capital 276.8.Innovation 286.9.Market Size 296.10.Quality of Life 307.Reasons for setting up in Spain and measures needed to increase investment 318.Sustainability goals 338.1.Companies with a Sustainability Strategy 348.2.Priority Sustainability Goals 358.3.Measurement and monitoring me
5、chanisms 368.4.Conditions in Spain for the development of Sustainability Strategies 369.Analysis by country 389.1.Investment prospects 399.2.Workforce prospects 409.3.Turnover prospects 409.4.Export prospects 419.5.Reasons for locating in Spain 42Methodology 43Appendix 1:profile of surveyed companie
6、s 45Appendix 2:sectoral analysis 47PresentationBarometer of the Business Climate in Spain,Results 2022Presentation3BACK TO CONTENTSBACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022Presentation41.Presentation1.PresentationThis is the 15th edition of the“Spanish Business Climate
7、Barometer survey of Foreign Investors”,which has now become a flagship publication in Spain.The 2022 edition contains an assessment of the business climate in Spain during the 2022 financial year,as seen by more than 720 foreign companies.Following generally established criteria,a foreign-owned busi
8、ness is considered one where its foreign capital accounts for more than 10%of its total capital.Its forecasts for 2023 are also included.This provides an overview in the medium term of the strengths that need to be maintained and the main areas for action where further efforts must be focused.In the
9、 previous edition,a specific chapter on sustainability was included,which analyses the sustainability strategies of foreign companies in Spain,the main Sustainability Goals and the degree to which conditions in our country favour the achievement of these objectives.This chapter has been maintained i
10、n this edition and a background section has been included,analysing the impact of the war in Ukraine on different business aspects.Investing firms reported very positive performances in 2021,although the closing figures for 2022 and the forecast for 2023,despite remaining positive,have been affected
11、 by the uncertainty of the political and economic situation internationally.Looking to 2023,in general,investment and export trend estimates for these companies have been maintained for the most part,although there has been a slight drop in the number of companies that believe that turnover and empl
12、oyment will grow.The Barometer has been jointly compiled by ICEX-Invest in Spain,Foreign Multinationals for the Spain brand and the International Center for Competitiveness(ICC)at the IESE Business School.The role of the Executive Management at Invest in Spain-ICEX is to promote and attract foreign
13、investment.Its mission is to promote,attract and maintain foreign investment in Spain,as well as reinvestment from established foreign companies,serving as a reference point for foreign companies and a point of contact for state,regional and local institutions engaged in promoting and attracting inv
14、estment.ICEX also performs activities to position Spain as a global platform for international investment and business.Another area for action for ICEX is improvement of the business climate in Spain through ongoing talks with other ministerial departments and business associations and companies,loc
15、ated in Spain,both Spanish and foreign owned.Foreign Multinationals for the Spain brand is an association comprising multinational companies from various sectors operating in Spain who wish to demonstrate their commitment to Spanish society and the Spain brand.Among other functions,the association f
16、osters collaboration with the Spanish public authorities to promote the Spain brand and champion the common interests of the country.It also serves as a conduit for relaying aspects to the heads of these government institutions that are most highly valued by multinationals when making their decision
17、s,in order to ensure Spains place as a trusted destination where they can conduct their operations.The IESE(Institute of Advanced Business Studies)is an institution dedicated to teaching advanced business studies.The ICC is one of its research centres,its mission being to promote strict learning and
18、 research in the field of competitiveness and its implications in different areas.Headed by Professor Pascual Berrone and established in collaboration with the Institute for Strategy and Competitiveness under Professor Michael Porter at Harvard University,the ICC places particular emphasis on the Eu
19、ropean Union and its role in creating a favourable business climate.Executive SummaryBarometer of the Business Climate in Spain,Results 2022Executive Summary5BACK TO CONTENTSBACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022Executive Summary62.Executive Summary2.EXECUTIVE SUMMAR
20、YSpains rating has dropped slightly compared to 2021The results of this edition of the Spanish Business Climate Barometer with an average rating of 2.9 out of 5 are one tenth lower than in the previous edition,reflecting the complicated current backdrop and the impact of the war in Ukraine.The areas
21、 most highly rated by foreign companies are Infrastructure,Market Size and Human CapitalAs in previous years,the most important area for managers this year was Human Capital,followed by Market Size.Other important areas are the Labour Market and Infrastructure.The managers consulted gave the highest
22、 scores to Infrastructure,followed by Market Size and Human Capital.It is positive that the highest-rated areas are once again this year the most important areas for managers.Amongst the lowest-rated areas in this edition,it is worth mentioning Costs,followed by Taxation and the Regulatory Environme
23、nt.The areas with the greatest imbalances between the ratings they receive and the importance they have for foreign companies are Labour Market,Costs and Taxation.Foreign companies in Spain believe that action should be taken in certain aspects related to Costs(such as electricity and energy as a wh
24、ole,which are a couple of the main concerns in this edition)or the Labour Market(such as adapting labour legislation to the needs of companies).Human Capital aspects are also considered essential and positively rated as a whole,although there is room for improvement in several areas,such as language
25、 skills,or the acceptance of responsibilities and objectives.The area of Infrastructure on the other hand was rated in line with the degree of importance attached to it,with companies expectations generally being met.Forecasts for investment,turnover,creation of employment and total exports for 2022
26、 and 2023 are very positive,although they reflect the uncertainty of the political and economic backdropInvestment prospects for 2022 by foreign companies in Spain are positive,although somewhat down on 2021.Thus,84%of the companies surveyed increased or maintained their investments in 2022,compared
27、 to 88%in 2021.For 2023,84%of companies plan to increase or maintain their investments.Employment prospects have improved compared with 2021.In 2022,91%of companies increased or maintained their workforce,with just 9%seeing a decrease in size,compared to 12%in 2021.For 2023,91%of foreign companies p
28、lan to increase or maintain the size of their workforce.Turnover prospects in Spain reflect the complicated economic backdrop at present,as well as future uncertainty.In 2022,83%of companies increased or maintained their turnover in Spain,compared to 82%in 2021.In 2023,80%of foreign companies expect
29、 to increase or maintain their turnover,although the percentage that expect to record an increase has dropped from 59%in 2022 to 49%in 2023.Finally,in regard to total exports,70%of the foreign companies in the survey export from Spain to third markets.The outlook is positive,although slightly down o
30、n 2021.In 2021,just 8%of companies saw a downturn in their exports;and this is expected to increase to 10%in both 2022 and 2023.ContextBarometer of the Business Climate in Spain,Results 2022Context7BACK TO CONTENTSBACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022Context83.Conte
31、xt3.ContextAs is the case each year,the 2022 edition of the Spanish Business Climate Barometer survey of Foreign Investors has been prepared on the basis of responses provided by 720 foreign company managers established in Spain.These correspond to a survey designed in such a way that its results of
32、fer a structured image of the importance and opinion of respondents in relation to different aspects of the business climate in which they undertake their business activities in our country.This is the fifteenth edition of the Barometer,meaning that there is now enough background to affirm that the
33、political,economic and social context at the time the responses to questionnaires are filled in has a decisive impact on the results.However,in recent years,certain exogenous factors have seen the context assume a much more significant role than would normally be the case.Brexit and the Covid-19 pan
34、demic had a decisive effect on the previous editions of the Barometer.This year we have seen how another exogenous factorthe Russian aggression in relation to the territorial integrity of Ukrainehas become a decisive contextual factor in relation to the results of the Barometer.The biggest attack on
35、 a European state since the Second World War has generated a context of maximum uncertainty in the global economy which has had a severe impact on inflation,resulting in a normalisation of monetary policy on both sides of the Atlantic and aggravating the disruption to global supply chains that are s
36、till shaken by the pandemic and have not recovered to precoronavirus levels.All these circumstances have dragged down the robust growth seen by the Spanish economy in 2021.However,it is not all bad news.The geographical distance to the epicentre of the conflict and its reduced exposure to the impact
37、 on energy and commerce are just a couple of the reasons that have seen Spain continue to grow at a considerable pace.The forecasts of international bodies anticipate growth in the Spanish economy of around 4.5%for 2022.For 2023,the outlook is for the Spanish economy to continue growing and,although
38、 growth will be more moderate,it will remain above average for the Eurozone and its main partners.Foreign trade has been one of the main catalysts of this economic growth.Spanish exports of goods between January and September 2022 grew by 24.7%year-on-year,amounting to 286.7 billion euros and settin
39、g a new record in the process.Exports also grew in terms of volume by 4.8%.This is the context depicted in the responses of representatives of foreign companies established in Spain and that must be taken into consideration when interpreting the results of the Barometer for this year.But the context
40、 has not only crept into the responses to the questionnaires,it has also influenced the very methodology of this report.The 2022 edition of the Barometer includes two context questions about the consequences of the outbreak of war in Ukraine,first of all in relation to company profits,and secondly a
41、sking respondents about the aspects of company management most affected by the consequences of the war.These aspects take the place of questions about Covid-19 in the previous editions of the questionnaire and that have been removed from the 2022 edition as a result of the health situation having mo
42、stly returned to normal.However,the analysis of foreign companies Sustainability Goals in Spain has been maintained in the report following its inclusion for the first time in 2021.The decision to keep these questions about sustainability in the Barometer this year reflects the belief that the commi
43、tment to sustainable development,as defined in the UNs 2030 Agenda,whose pillars are economic growth,social progress and environmental balance,is not a backward step but rather a priority for both the public sector and for an increasing number of private companies.BACK TO CONTENTSBarometer of the Bu
44、siness Climate in Spain,Results 2022Context9But this is not the only argument for including a chapter on sustainability in this edition of the Barometer.The launch of the Recovery,Transformation and Resilience Plan by the Spanish Government,which aims to promote a structural transformation process i
45、n the Spanish economy in the medium term,and leading to more sustainable and resilient development in the long term from an economic and financial,social,regional and environmental point of view,also justifies the decision of this Barometer to once again include this section that considerably enrich
46、es its content.Foreign-owned companies established in Spain can be involved on equal terms with Spanish-owned companies in the business opportunities arising from this Plan.Foreign-owned companies established in Spain receive the same legal treatment as Spanish companies,regardless of their origin o
47、r size.In fact,according to the OECDs FDI Regulatory Restrictiveness Index,Spain is the ninth most open to foreign investment among developed countries from a regulatory point of view.This is one of the factors that explains the extraordinary performance seen in terms of direct foreign investment re
48、ceived by Spain over the past decade.Despite the difficult economic times being experienced by some multinationals as a result of the conflict on Ukrainian soil,this growth trend has remained unchanged in 2022.During the first six months of 2022,foreign investment in Spain amounted to 15.66 billion
49、euros,which not only represents a growth of 87.7%compared to the same period in 2021,but also an increase of 4.6%compared to the average over the past five years.FDI statistics are not only quantitatively strong,they are also qualitatively strong,as can be seen in the figures related to greenfield p
50、rojects,which are the most interesting type of FDI project from an economic perspective as they involve the construction of new facilities and recruitment of new employees.According to FDI Markets,the greenfield project database managed by the Financial Times Group,Spain received 636 foreign greenfi
51、eld projects in 2022,ranking fifth worldwide in terms of the most greenfield projects received,ahead of world powers like Germany,China,France and Japan.Spain has also recorded very promising figures when it comes to more advanced and productive foreign investment.In fact,in 2022,Spain ranked third
52、in terms of greenfield projects received in the Renewable Energy industry,third in terms of ICT sector and Internet infrastructure projects received and fourth in terms of the receipt of projects involving research and development.These figures demonstrate the attention that must be paid to foreign
53、investment in Spain.The Barometer aims to gauge the pulse of foreign investment as regards its perception of the Spanish business climate by using a practical approach;aiming to serve as a tool that may be useful to both the Government in its regulatory functions and for companies and investors in t
54、he complex decision-making process that direct investment entails.3.ContextGeneral resultsBarometer of the Business Climate in Spain,Results 2022General results10BACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022General results11BACK TO CONTENTS4.General results4.GENERAL RESULTS
55、4.1.General ratingFigure 1 shows the level of importance and the score given by foreign companies to each of the ten areas covered by the 2022 Business Climate Barometer.Foreign companies continue to place the greatest weight on Human Capital,followed by Market Size,the Labour Market and Infrastruct
56、ure.The least important in the opinion of managers is once again Financing.The managers consulted gave the highest scores to Infrastructure,followed by Market Size and Human Capital.Amongst the lowest-rated areas in this edition,Costs are worth a special mention,followed by Taxation and the Regulato
57、ry Environment.The areas with the greatest imbalances between the rating they receive and the importance they have for foreign companies are the Labour Market,Costs and Taxation.The area of Infrastructure,on the other hand,was rated in line with or similar to the degree of importance assigned to it,
58、with companies expectations generally being met.Figure 1Importance and scores by area in 2022Labor MarketRegulatory EnvironmentInfrastructureImportanceCostsFinanceMarket sizeHuman CapitalInnovationQuality of LifeScore103Taxation542Barometer of the Business Climate in Spain,Results 2022General result
59、s12BACK TO CONTENTS4.General results4.2.Main strengths and weaknessesSpains main strengths in the opinion of foreign companies are shown in Figure 2.As in previous editions,aspects related to Infrastructure stand out.The managers consulted rated the quality of airports,roads,telecommunications servi
60、ces and structures,ports and the high-speed train very highly.Certain aspects of Human Capital are also worth noting,such as the availability of a skilled workforce,in this case with university qualifications,and their learning capacity,considered very important variables by the managers consulted.C
61、onversely,Figure 3 shows the weaknesses noted by the managers consulted.The cost of electricity and other energy,such as gas,diesel or petrol,are the areas receiving the lowest scores,although the cost of transport is also included amongst the least favourable aspects.Other weaknesses relate to aspe
62、cts of the Regulatory Environment,such as the speed and efficiency of the commercial courts and bureaucracy.Finally,mention must be made of tax aspects related to work,such as Social Security contributions for workers and the volume of public expenditure on R&D&I.Figure 2Main strengthsAvailability o
63、f university qualified labourAvailability of graduate laborAirportsHigh-speed trainPortsAvailability of telecommunicationsstructures and servicesRoads1Figure 3Main weaknessesElectricity costsOther energy costs:gas,diesel,petrolTransport costsBureaucratic burden on corporate operationsSpeed and effic
64、acy of the mercantile courtsEmployees Social Security contributionsTotal volume of public expenditure on R&D&I234512345Barometer of the Business Climate in Spain,Results 2022General results13BACK TO CONTENTS4.General results4.3.2021-2022 ComparisonThe 2022 score is slightly down on the previous year
65、 although it remains higher than in 2020.The main drop was in Quality of Life,which,despite remaining very good in general terms,decreased in all areas,with a special mention given to the cost of living.Costs also dropped significantly in the ranking,mainly dragged down by the cost of energy,as well
66、 as Financing.The Labour Market improved in 2021 thanks to the continuous positive evolution in relation to the flexibility of working hours.There was also a slight improvement in the score given to Innovation.Figure 4Comparison of scores 2021-2022TaxationLabor MarketInfrastructureRegulatoryEnvironm
67、entCostsFinanceMarket SizeInnovationQuality of LifeHuman Capital2021202200.511.522.533.54Barometer of the Business Climate in Spain,Results 2022General results14BACK TO CONTENTS4.General results4.4.Main areas for actionThe priority areas of action have been selected based on the size of the gap betw
68、een the importance attributed to them by the managers consulted and their weighted score.It should be noted that five of the resulting action areas this year are the same as in the last edition(language proficiency,electricity costs,acceptance of responsibilities and targets,matching labour legislat
69、ion to companies needs and Social Security contributions for workers).Another aspect that is causing significant concernthe cost of energyhas been added in this edition.1.Language skillsLanguage skills remain one of the main problems in the opinion of the managers consulted.Although this factor has
70、continued to improve in recent years,it is the third-most important aspect of the entire survey in the opinion of the managers consulted and continues to show significant room for improvement.Human Capital aspects are the most important for the managers consulted and fundamental for the medium and l
71、ong-term competitiveness of the country.2.Electricity costsThe cost of electricity is once again the worst scoring factor of the entire survey,reflecting the concern shared by the managers consulted in relation to this topic.Its score has dropped once again,although not by quite as much as in the pr
72、evious edition.Emphasis must be placed once again on the impact of this aspect in relation to the competitiveness of companies,particularly in the industrial sector.3.Acceptance of responsibilities and objectivesThe acceptance of responsibilities and objectives is the second-most important aspect fo
73、r the managers consulted,second only to learning capacity.Although the score given is positive,there is a significant gap between the importance and the score given,meaning it should be considered one of the main areas for action.4.Adaptation of labour law to the needs of the companyThis aspect was
74、the aspect that improved the most in the last edition,probably thanks to the action taken during the pandemic to maintain employment as part of the furlough scheme.This time around,the score remains the same,ranking as the fifth-most important aspect in the survey,meaning it should continue to be co
75、nsidered a priority area of attention.5.Other energy costs:gas,diesel,petrolThe rating of energy costs,such as gas,diesel and petrol clearly reflects the situation generated by the war in Ukraine and the upturn in energy prices in recent months.This variable suffered one of the biggest decreases in
76、the entire study,with almost three tenths chopped off its score since last year,and it appears to be one of the main general weaknesses in the study.6.Employer Social Security contributionsThis is the fifth-worst scoring aspect in the survey and once again appears amongst the main general weaknesses
77、 and the main areas for action.The managers consulted have attached increasing importance to this issue in recent years and do not consider that their expectations are being met.Prospects of foreign companies in SpainBarometer of the Business Climate in Spain,Results 2022Prospects of foreign compani
78、es in Spain15BACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022Prospects of foreign companies in Spain16BACK TO CONTENTS5.Prospects of foreign companies in Spain5.PROSPECTS OF FOREIGN COMPANIES IN SPAIN5.1.Investment prospectsThe investment prospects for 2022 as seen by foreign
79、companies in Spain are positive,although they are slightly down on 2021.Thus,84%of the companies surveyed increased or maintained their investments in 2022,compared to 88%in 2021.For 2023,84%of companies plan to increase or maintain their investments.Figure 5Investment forecast 2021-2023Will decreas
80、eNo changeWill increase100%90%80%70%60%50%40%30%20%10%0%2021202220235.2.Employment prospectsEmployment prospects have improved compared to 2021.In 2022,91%of companies increased or maintained their workforce,whereas only 9%reduced theirs,compared to 2021 when 12%of companies said they had reduced th
81、eir workforce.For 2023,the outlook remains positive,although the percentage of companies who expect to increase their workforce has dropped from 47%in 2022 to 36%in 2023.Figure 6Workforce forecast 2021-2023Will decreaseNo changeWill increase100%90%80%70%60%50%40%30%20%10%0%202120222023Barometer of t
82、he Business Climate in Spain,Results 2022Prospects of foreign companies in Spain17BACK TO CONTENTS5.Prospects of foreign companies in Spain5.3.Turnover prospectsTurnover prospects in Spain reflect the complicated economic backdrop at present,as well as future uncertainty.In 2022,83%of companies incr
83、eased or maintained their turnover in Spain,compared to 82%in 2021.In 2023,20%of companies expect to see a decrease in their turnover and the percentage that expect to record an increase has dropped from 59%in 2022 to 49%in 2023.Figure 7Turnover forecast 2021-2023Will decreaseNo changeWill increase1
84、00%90%80%70%60%50%40%30%20%10%0%2021202220235.4.Export prospectsFinally,in regard to total exports,70%of the foreign companies in the survey export from Spain to third markets.The outlook is positive,although slightly down on 2021.In 2021,just 8%of companies saw a downturn in their exports;this is e
85、xpected to increase to 10%in both 2022 and 2023.Figure 8Export forecast 2021-2023Will decreaseNo changeWill increaseWe do not export100%90%80%70%60%50%40%30%20%10%0%202120222023Barometer of the Business Climate in Spain,Results 2022Prospects of foreign companies in Spain18BACK TO CONTENTS5.Prospects
86、 of foreign companies in Spain5.5.Impact of the war in Ukraine on the companys revenue This edition included two questions about the impact of the Russian invasion of Ukraine on the revenue being generated by companies.As can be seen in Figure 9,the impact has been high or very high for 50%of compan
87、ies.Only 7%of companies consider that the conflict has had a low impact on their activity.Figure 9Impact of the war in Ukraine on the companys revenueLow impactHigh impact29%21%25%18%7%5.6.Aspects most affected by the consequences of the war in UkraineAs regards the aspects of business management th
88、at have suffered most as a result of the war,it is clearly worth mentioning the impact on the cost of energy,as indicated by 88%of companies.In total,56%of companies also indicated that the war has had an important impact on supply shortages and has generated logistical distribution problems,accordi
89、ng to 41%of the managers consulted.Figure 10Aspects most affected by the war in UkraineEffects of currency exchangeAdministrative complexityInvestment reductionEnergy costsLack of suppliesCustomer lossesProblems in logistics distribution88%56%41%20%20%6%21%Barometer of the Business Climate in Spain,
90、Results 2022Prospects of foreign companies in Spain19BACK TO CONTENTS5.Prospects of foreign companies in Spain5.7.Importance for companies in accessing Recovery Funds As in 2021,companies were also consulted in this edition on the importance of accessing Recovery Funds for their recuperation.Figure
91、11 shows that access to funds is of low or very low importance for 56%of foreign companies,and high or very high for 18%of them.Figure 11Importance of access to Recovery FundsLow importanceHigh importance9%9%26%39%17%Barometer of the Business Climate in Spain,Results 2022Results by area20BACK TO CON
92、TENTSResults by areaBarometer of the Business Climate in Spain,Results 2022Results by area20BACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022Results by area21BACK TO CONTENTS6.Results by area6.RESULTS BY AREA6.1.Labour MarketThere is significant room for improvement in the Labo
93、ur Market according to managers of foreign companies,although the ratings in this area have improved year-on-year in most aspects considered here.Recruitment incentives and subsidies are once again the main problem.Although their ratings have improved since 2021,the importance of this aspect continu
94、es to increase for companies,meaning that the gap remains important.The adaptation of labour law to the needs of the company also shows major room for improvement and is most important to the managers consulted in relation to the Labour Market.Last year there was a considerable improvement in the ra
95、ting given by the managers consulted to this area thanks to the furlough schemes rolled out;however,this year,the rating has remained constant and this area is the fifth most important aspect considered and has already been mentioned therefore as one the main areas for action.Dismissal costs are one
96、 of the worst scoring aspects in this section,although they are also less important.Finally,the flexibility of working hours has once again performed very well,probably on account of the high amount of people opting to work remotely,and although the importance attached to this factor by the managers
97、 consulted has increased,requirements in relation to the room for improvement are more limited.Labour MarketScoreImportanceFigure 12Recruitment incentives and subsidiesAdaptation of labour law to the needs of the companyFlexibility of working hoursDismissal costs012345 Barometer of the Business Clim
98、ate in Spain,Results 2022Results by area22BACK TO CONTENTS6.Results by area6.2.TaxationTaxation is,generally speaking,the second-worst scoring section in the entire report for 2022,second only to Costs.Employer Social Security contributions remain the main stumbling block and one of the main areas f
99、or action in general,as indicated above.This area obtained the fifth-lowest score in the survey and is slightly down year-on-year.There remains significant room for improvement in terms of Corporation Tax charges.VAT charges and special levies on products and services are less problematic in the opi
100、nion of the managers consulted,although the ratings in these areas have dropped since 2021.In terms of double taxation agreements,there do not seem to be any problems for foreign companies in Spain and this is the only aspect related to taxation that has seen its rating improve.TaxationScoreImportan
101、ceFigure 13Employer Social Security contributionsCompany Tax burdenBurden of VAT and special taxeson products and servicesUsefulness of double taxation agreements012345Barometer of the Business Climate in Spain,Results 2022Results by area23BACK TO CONTENTS6.Results by area6.3.Regulatory EnvironmentT
102、he Regulatory Environment is one of the lowest-scoring areas generally speaking,although it has remained relatively unchanged since 2021.The most critical aspect,as was the case in previous years,is the bureaucratic burden on company operations,which has already been mentioned in the general area fo
103、r action for a number of years.It has the third-worst rating in the entire survey and is down on the 2021 rating.There is also a significant imbalance in terms of the speed and efficiency of the commercial courts,the fourth-worst rated aspect of the entire survey,although it has improved compared to
104、 2021.The stability of the regulatory framework is the most important issue for directors consulted in this area and a key issue in attracting and retaining foreign investment.Although its rating has improved slightly,there is still ample room for improvement.The development and application of compe
105、tition legislation and the protection of intellectual property rights do not seem to pose problems and,in the case of intellectual property rights,its rating has improved.ScoreImportanceRegulatory environmentFigure 14Burden of bureaucracy on company operationsSpeed and efficiency of commercial court
106、sStability of the regulatory frameworkDevelopment and application of competition legislationProtection of intellectual property rights012345Barometer of the Business Climate in Spain,Results 2022Results by area24BACK TO CONTENTS6.Results by area6.4.InfrastructureAs in previous editions,Infrastructur
107、e is the area with the highest rating in the Barometer,perfectly meeting the expectations of foreign companies in our country and also one of the most important in general terms.However,it must be noted that the ratings of a number of factors have decreased slightly.Several aspects covered here,such
108、 as airports,roads,availability of telecommunications,services and structures,ports and high-speed trains,have already been identified as some of the overall strengths of the study,as in previous editions.The availability of telecommunications services is the most important aspect of the whole surve
109、y in the opinion of foreign companies and is rated very positively,although slightly down on last year,and with there still being some room for improvement.There is also room for improvement in relation to roads and the availability and quality of supplier networks,the ratings for both of which have
110、 dropped slightly.As for the other variables included in this section,ratings are generally very positive and the expectations of the managers consulted are perfectly met.InfrastructureAvailability of telecommunicationsstructures and servicesFigure 15RoadsAvailability and quality of supplier network
111、sExtension of logistical centersand distribution networksAirportsHigh-speed trainPortsAvailability of industrial land012345ScoreImportanceBarometer of the Business Climate in Spain,Results 2022Results by area25BACK TO CONTENTS6.Results by area6.5.CostsCosts is the worst-rated area in the survey,with
112、 all variables analysed down on 2021.The cost of electricity is once again the main concern,with the lowest rating in the entire survey,once again high-lighted as a priority area of action.The costs of other energy sources are the second-worst rated aspect in the survey,with the biggest drop in rati
113、ng compared to last years survey,down by almost three tenths and reflecting the difficult situation caused by the war in Ukraine,as well as other factors.The transport costs rating is down by more than two tenths and shows significant room for improvement,with the same to be said for telephone and i
114、nternet access costs and the cost of leasing office space.The ratings for skilled and unskilled labour costs in Spain was more positive and is one of the reasons that the companies surveyed continue to set up in our country.However,the rating is down on previous years,particularly in relation to wor
115、kers with university qualifications.As usual,skilled labour is more important for foreign companies in Spain than unskilled labour,which is indicative of the type of investment made by foreign companies with high added value.CostsScoreImportanceFigure 16Electricity costsOther energy costs:gas,diesel
116、,gasolineTelephone and internet access costsCosts of adapting to differentregional and local regulationsTransport costsCosts of adapting to environmental regulationsOffice rental costsSkilled labour costsCost of university qualified labourUnskilled labour costs012345Barometer of the Business Climate
117、 in Spain,Results 2022Results by area26BACK TO CONTENTS6.Results by area6.6.FinancingFinancing is one of the worst-rated areas in the report generally speaking,although it remains less important than other factors,as was the case in previous editions.The main room for improvement still lies in the a
118、vailability of public subsidies,despite this being the only aspect in relation to Financing that has not seen a decrease in its rating.The rating of the availability and costs of financing through commercial banks has dropped significantly,with a slight increase in the room for improvement compared
119、to the previous year.Public lending facilities,such as ICO,and the availability of other types of financing,such as venture capital,are considered less important to foreign companies despite the fall seen in its rating compared to 2021,and do not appear to pose any problems.ScoreImportanceFigure 17A
120、vailability of public subsidiesAvailability and costs of financing through commercial banksPublic credit financing lines(ICO,regional development agencies,etc.)Availability of other types of financing(venture capital etc.)Financing012345Barometer of the Business Climate in Spain,Results 2022Results
121、by area27BACK TO CONTENTS6.Results by area6.7.Human CapitalAs was the case in previous editions,Human Capital is the most important area for the managers consulted and one of the most-highly rated,although there are still clear imbalances.Language skills and the acceptance of responsibilities and ob
122、jectives remain priority areas of action.In terms of language skills,this factor has continued to improve in recent years,although it is the third-most important aspect of the entire survey in the opinion of the managers consulted and continues to show significant room for improvement.Learning capac
123、ity is the most important aspect in the entire survey for the managers consulted.Although its rating has improved,work is still needed in this area.The quality of the professional training system is important to the managers consulted and there has been a clear increase in its rating,as well as its
124、importance.There is still room for improvement,as there is in the general assessment of the higher education system.As in previous editions,the managers consulted attach vastly differing importance to the availability of skilled and unskilled labour,with the former being much more significant to the
125、m,meaning work is still needed to meet their expectations in this respect.The rating of the availability of university-qualified labour has dropped significantly in this edition.The quality of business schools and the availability of unskilled labour are two areas where the expectations of managers
126、consulted are best fulfilled,although the former has decreased.It is essential to focus on Human Capital aspects,as they are not only the most important for the managers consulted,but also essential to ensure the countrys competitiveness in the medium and long-term.Human capitalScoreImportanceFigure
127、 18Language skillsAcceptance of responsibilities and objectivesLearning capacityGeneral assessmentof the professional training systemGeneral assessment of the highereducation system(university)Availability of skilled labourAvailability of university qualified labourQuality of business schoolsAvailab
128、ility of unskilled labour012345Barometer of the Business Climate in Spain,Results 2022Results by area28BACK TO CONTENTS6.Results by area6.8.InnovationInnovation is one of the few areas where the rating has generally improved,albeit slightly.The main imbalance is in the total volume of public expendi
129、ture in R&D&I,already indicated as one of the main general weaknesses in the report on account of its low rating,and despite having developed positively in 2021 according to the managers consulted.There is also room for improvement in the innovation capacity of companies and in incentives and suppor
130、t for companies to undertake R&D&I,despite the rating for incentives having also increased in this edition.The existence of science and technology parks is the most highly-rated aspect by company managers in terms of innovation,in line with the needs of foreign companiesInnovationScoreImportanceFigu
131、re 19Total public RD&I spendingCorporate innovation capacityIncentives and subsidies for corporate R&D&I Existence and capacity of science and technology parks012345Barometer of the Business Climate in Spain,Results 2022Results by area29BACK TO CONTENTS6.Results by area6.9.Market SizeMarket Size is
132、the second-most important area for foreign companies in Spain,after Human Capital,and one of the main reasons why the foreign companies surveyed set up in our country.Once again,the ratings for access to foreign markets and the size of the local market were strong,although slightly down on 2021.The
133、room for improvement is somewhat higher in terms of the size of the local Spanish market,although the importance of access to foreign markets increased for the managers consulted in this edition.These two aspects are very important and are repeatedly pointed out as the main attractions for investing
134、 in our country,which is why it is necessary to pay special attention to them.Market SizeScoreImportanceFigure 20Size of the local Spanish marketAccess to foreign markets012345Barometer of the Business Climate in Spain,Results 2022Results by area30BACK TO CONTENTS6.Results by area6.10.Quality of Lif
135、eQuality of Life scored very highly,as it did in previous editions.However,there is a very significant drop in practically all variables analysed here compared to 2021.Cost of living suffered the biggest drop in rating across the survey as a whole,seeing more than three tenths shaved off its rating
136、as a logical consequence of the crisis caused by the war in Ukraine,in addition to other reasons.The importance of this factor has increased for the managers consulted and the room for improvement is slightly more significant than in previous editions.Security is the most important aspect in relatio
137、n to quality of life for the managers consulted and the rating for this factor is very positive,although down slightly on the previous year.The quality of the healthcare system,which experienced one of the biggest increases in its rating last year,following the response to the Covid-19 pandemic,has
138、fallen back by more than three tenths in this edition.Leisure and culture are amongst the most important aspects rated in the survey,although both have dropped significantly in this edition.Here,however,they have comfortably surpassed the expectations of the managers consulted.The integration of exp
139、atriates does not seem to pose a problem in the opinion of foreign companies in Spain.Quality of LifeScoreImportanceFigure 21Cost of livingSecurityQuality of the healthcare systemIntegration of expatriatesLeisure and culture012345Barometer of the Business Climate in Spain,Results 2022Results by area
140、31BACK TO CONTENTSReasons for setting up in Spain and measures needed to increase investmentBarometer of the Business Climate in Spain,Results 2022Reasons for setting up in Spain and measures needed to increase investment31BACK TO CONTENTSBACK TO CONTENTSBarometer of the Business Climate in Spain,Re
141、sults 2022Reasons for setting up in Spain and measures needed to increase investment327.Reasons for setting up in Spain and measures needed to increase investmentAs in previous editions,a large majority of companies indicated that the main reasons for setting up in Spain were due to geographical loc
142、ation,as well as the size of the local market and access to other markets.Apart from infrastructure,other important factors were labour-related aspects and concerned both the cost and skills of the workforce.However,it should be noted that employment costs in this edition are mentioned as a reason f
143、or setting up in Spain by a lower number of companies than in the last edition,reflecting the concern for the general increase in costs.Figure 22Reasons for setting up in Spain(percentage of companies indicating each reason)Geographical locationSize of the local marketAccess to others marketsLabour
144、costsInfrastructureWorkforce skillsSpanish language and cultural proximityTax frameworkFacility and adaptation for expatriatesIncentives and subsidiesR&D&I framework0070809081%56%47%34%33%29%26%9%8%6%5%Sustainability goalsBarometer of the Business Climate in Spain,Results 2022Sustainabili
145、ty goals33BACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022Sustainability goals34BACK TO CONTENTS8.Sustainability goals8.SUSTAINABILITY GOALSAs was the case in the last edition,the report includes an analysis of the Sustainability Goals of foreign companies in Spain.The manager
146、s consulted were asked whether they have a sustainability strategy,what Sustainability Goals they pursue and whether they have mechanisms for measuring and monitoring compliance.The aim was also to analyse Spains relative position in terms of Sustainability Goals,as well as the degree to which diffe
147、rent factors in Spain favour the fulfilment of these objectives.8.1.Companies with a Sustainability StrategyFirstly,foreign companies in Spain were asked whether they have a Sustainability Strategy.As Figure 23 shows,62%of companies do not have a Sustainability Strategy,compared to 38%that do,these
148、numbers obviously being very similar to those seen in last years edition.Figure 23Companies with a Sustainability StrategyYesNo62%38%Barometer of the Business Climate in Spain,Results 2022Sustainability goals35BACK TO CONTENTS8.Sustainability goals8.2.Priority Sustainability GoalsAmongst the 17 Sust
149、ainability Goals set,foreign companies operating in Spain have clearly emphasised gender equality,as was the case last year,with a clear increase in the number of mentions by companies when compared to last year(67%of companies with a Sustainability Strategy mentioned this factor as a priority objec
150、tive in 2022 compared to 59%in 2021).Health and Well-being were rated as the second-most important objective,mentioned by 54%of companies,notably up in terms of importance when compared to the previous edition.These are followed by Climate Action(52%)or Responsible Consumption and Production(50%).Ot
151、her goals,such as Zero Hunger,an End to Poverty,Peace,Justice and Strong Institutions or Life Below Water,are pursued by a very small percentage of foreign companies in Spain.Figure 24Main Sustainability GoalsAffordable and clean energyReduced inequalityIndustry,innovation and infrastructureClean wa
152、ter and sanitationQuality educationSustainable cities and communitiesLife on landPartnership to achieve the goalsPeace,justice and strong institutionsNo povertyLife below waterZero hungerDecent work and economic growthGender equalityGood health and well-beingResponsible consumption and productionCli
153、mate action54%52%50%48%42%34%30%30%20%17%12%11%11%9%8%7%67%Barometer of the Business Climate in Spain,Results 2022Sustainability goals36BACK TO CONTENTS8.Sustainability goals8.3.Measurement and monitoring mechanismsAmong foreign companies that have Sustainability Strategies,76%say that they use meas
154、urement and monitoring mechanisms that allow them to control compliance with the defined objectives,up on the results of last years survey and demonstrating the increased importance attached by companies to Sustainability Strategies.However,24%of companies do not use any monitoring and control mecha
155、nism.Figure 25Companies with measurement and monitoring mechanismsYesNo24%76%8.4.Conditions in Spain for the development of Sustainability StrategiesAmong foreign companies in Spain with a Sustainability Strategy,27%believe that companies in Spain are in an unfavourable or very unfavourable position
156、 compared to their countries of origin in terms of the Sustainability Goals,up on last year,when 31%of companies consulted indicated that companies in Spain were in an unfavourable position compared to their countries of origin.Some 16%believe that companies in Spain are in a more favourable positio
157、n than those in their home country with regard to the Sustainability Goals.Figure 26Situation of companies in Spain with respect to the country of origin in terms of the Sustainability GoalsVery favourable Very unfavourable3%24%57%4%12%Barometer of the Business Climate in Spain,Results 2022Sustainab
158、ility goals37BACK TO CONTENTSAmong the factors that most favour the development of Sustainability Strategies for companies in Spain,managers highlighted the awareness of consumers and society,and especially of the workers themselves.The responsible behaviour of suppliers and customers are also facto
159、rs that contribute to the successful development of these strategies,as shown in Figure 27.However,these managers gave lower ratings to the contribution of legislation and regulations,the use of tax mechanisms aligned with sustainability goals and,finally,sustainable transport infrastructure,which i
160、s the factor that contributes least in Spain to the development of these strategies in the opinion of the managers consulted.Figure 27Factors favouring the development of the Sustainability Strategy in SpainLegislacin y normativa alineadacon los objetivos de sostenibilidadInfrastructure that facilit
161、ates and prioritisessustainable transportLegislation and regulations alignedwith sustainability goalsEmployee awarenessAwareness of consumers and society in generalResponsible client behaviourResponsible supplier behaviour3.263.203.123.022.812.793.45 Analysis by countryBarometer of the Business Clim
162、ate in Spain,Results 2022Analysis by country38BACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022Analysis by country39BACK TO CONTENTS9.Analysis by country9.ANALYSIS BY COUNTRYAs with previous editions,this edition sets out to analyse whether there are significant differences in
163、the responses of the managers consulted to particular questions according to their country of origin.The responses are very similar regardless of the provenance of the companies,some of the more interesting variations being highlighted below.The countries most represented in the survey are Germany,F
164、rance,the United States and Benelux,followed by companies from Italy,the United Kingdom and Switzerland.Countries representedFigure 28Others 26%The United Kingdom 7%Benelux9%France14%The United States9%Germany16%Italy 7%Scandinavia 4%Switzerland 5%Japan 3%9.1.Investment prospectsIn the study as a wh
165、ole,84%of the companies surveyed plan to increase or maintain their investment in Spain in 2022,slightly down on the figure reported last year.The main participating countries mostly show very similar developments,albeit with some differences.Companies whose head office is located in the United King
166、dom had more positive plans,with the outlook of those from Benelux being somewhat worse.Figure 29Investment prospects by countryTotalGermanyFranceUSAItalyThe UnitedKingdomBeneluxSwitzerlandMaintainIncrease0%10%20%30%40%50%60%70%80%90%100%DecreaseBarometer of the Business Climate in Spain,Results 202
167、2Analysis by country40BACK TO CONTENTS9.Analysis by country9.2.Workforce prospectsWith regard to the number of employees planned in Spain for 2022,91%of companies intend to increase or maintain their workforce.The prospects of companies are very similar regardless of their country of origin,although
168、 the prospects are somewhat more positive in the case of companies from the United Kingdom and somewhat less positive in the case of those from Italy.Figure 30Workforce prospects by countryTotalGermanyFranceUSAItalyThe UnitedKingdomBeneluxSwitzerlandMaintainIncrease0%10%20%30%40%50%60%70%80%90%100%D
169、ecrease9.3.Turnover prospectsIn terms of turnover in 2022,this is the figure most affected by the outbreak of war in Ukraine.59%of companies expect their turnover to increase in 2022,compared to 17%who expect their turnover to decrease.The prospects of companies from Benelux and Switzerland are some
170、what less positive,while those from the United Kingdom and Germany expect above-average results.Figure 31Turnover prospects by country0%10%20%30%40%50%60%70%80%90%100%MaintainIncreaseDecreaseTotalGermanyFranceUSAItalyThe UnitedKingdomBeneluxSwitzerlandBarometer of the Business Climate in Spain,Resul
171、ts 2022Analysis by country41BACK TO CONTENTS9.Analysis by country9.4.Export prospectsThe final category in the section on prospects refers to exports.Some 70%of foreign companies export to third countries from Spain.In this case,companies from France and the United Kingdom have the highest export pr
172、ofile,and Swiss-owned companies have a lower export profile.Some 29%of companies expect to increase their exports in 2022 and 31%will maintain their export trend with regard to previous years.French and UK-owned companies have the best export prospects.Figure 32Export prospects by countryMaintainInc
173、rease0%10%20%30%40%50%60%70%80%90%100%DecreaseDont exportTotalGermanyFranceUSAItalyThe UnitedKingdomBeneluxSwitzerlandBarometer of the Business Climate in Spain,Results 2022Analysis by country42BACK TO CONTENTS9.Analysis by country9.5.Reasons for locating in SpainAlthough geographic location,market
174、size and access to other countries are the main reasons for locating in Spain cited by all the countries represented,there are some significant differences.Companies from the United States,for example,place a greater emphasis than average on workforce qualifications and labour costs.Companies from I
175、taly value market size,cultural proximity and the Spanish language more highly than the average.German-owned companies put more weight on labour costs and infrastructure.Reasons for locating in Spain by countryItalyThe United KingdomFranceGermanyUSATotalFigure 33Geographical locationSize of the loca
176、l marketAccess to others marketsLabour costsInfrastructureWorkforce skillsSpanish language andcultural proximityTax frameworkFacility and adaptationfor expatriatesIncentives and subsidiesR&D&I framework0.000.100.200.300.400.500.600.700.800.901.00MethodologyBarometer of the Business Climate in Spain,
177、Results 2022Methodology43BACK TO CONTENTSBACK TO CONTENTSBarometer of the Business Climate in Spain,Results 2022Methodology44MethodologyThe Barometer was jointly compiled by ICEX,Foreign Multinationals for the Spain brand and the International Center for Competitiveness(ICC)at the IESE Business Scho
178、ol.This edition has maintained the structure and content of previous years,although a new section analysing the impact of the war in Ukraine on companies has been introduced.To compensate for the length of the survey,some questions from previous editions have been eliminated,in particular some of th
179、ose aimed at assessing the impact of the Covid-19 crisis,which are considered to be of a short-term nature and less relevant than in the previous edition.As in other years,the methodology employed in the survey required qualified managers of foreign companies operating in Spain to fill in a question
180、naire.Following the criteria established by the IMF and employed by different international bodies like the World Bank and the OECD,a company is considered to be a foreign company when more than 10%of its total capital comes from abroad.This year,more than 720 responses were received.To achieve cont
181、inuity in this study,since 2007,the following areas included in the questionnaire are grouped into four main groups:the General Panorama in Spain,Costs,Infrastructure and Resources and Quality of Life.The average rating for Spain is obtained from the average rating in each of these four groups.1.GEN
182、ERAL PANORAMA IN SPAIN Labour Market Regulatory Environment Market Size2.COSTS Costs Taxation Financing3.INFRASTRUCTURE AND RESOURCES Infrastructure Human capital Innovation4.QUALITY OF LIFEThe questionnaire seeks both the rating that companies give Spain under each heading and the importance they a
183、ttach to each heading,so as to be able to weight the results and reflect the true interests of businesses.For each question,managers of foreign companies are asked to give a score from 1 to 5 for the importance that this heading has for their company,and a second score using the same scale for the r
184、ating they have given to Spain.The questions that show the greatest gap or difference between the importance and the weighted rating1 given by the managers consulted are flagged as requiring priority action,as this difference highlights that not all the interests of foreign companies in Spain are be
185、ing satisfied.1.The weighted rating corresponds to 80%of the score obtained in the Rating and 20%of the score obtained in Importance.It is weighted in order to take into account those aspects with lower ratings but which are also important for foreign companiesBACK TO CONTENTSAppendix 1:profile of s
186、urveyed companiesBarometer of the Business Climate in Spain,Results 2022Appendix 145BACK TO CONTENTSThe profile of the companies taking part in the study was fairly uniform,with representatives from companies of all sizes,although it is particularly worth noting the participation of companies with u
187、p to 250 employees,as can be seen in Figure 34.Number of company employeesFigure 3410%6%24%36%24%Over 500From 1 to 9From 10 to 50From 251 to 500From 51 to 250The sectors represented in the sample are very diverse,as shown in Figure 35.The most-represented sector is commercial distribution,followed b
188、y electronics,information and telecommunications technology and chemical,pharmaceutical and biotechnology products.Barometer of the Business Climate in Spain,Results 2022Appendix 146BACK TO CONTENTSSectors of the companies(number of companies per sector)Figure 35Commercial distribution,retail sales
189、and consumer goodsElectronics,information and telecommunications technologyChemical and pharmaceutical products,biotechnology and life and health sciencesBuilding and engineering servicesAutomotive industry and componentsProfessional servicesFood and drinkLogistics and transporAgriculture,forestry a
190、nd fishingBanks,insurance and other financial servicesAerospace and aeronautical industries EnergyTravel,tourism and leisureRenewable energiesEnvironment,water supply,wastewater and sewage treatmentMiningMass media and entertainment,advertising,film and musicDigital media and contentReal estateTrade
191、 associations and investment promotion agencies00708090100Barometer of the Business Climate in Spain,Results 2022Appendix 247BACK TO CONTENTSAppendix 2:sectoral analysisAs in previous editions,a comparative study of investors perspectives has been carried out for the ten most represented
192、sectors in the survey,in order to analyse whether there are significant differences between different sectors.The forecasts for the end of 2022 were therefore compared by sector in terms of investment,workforce,turnover and exports.1.Investment prospects by sectorEn el conjunto del estudio un 84%de
193、las empresas encuestadas tienen previsto aumentar o mantener sus inversiones en Espaa en 2022,un porcentaje como se ha sealado anteriormente algo inferior al del ao pasado.Los principales sectores representados muestran algunas diferencias dignas de mencin.Los sectores de Construccin,Automocin,Agric
194、ultura y Logstica presentan resultados por debajo de la media.Sin embargo,las empresas de los sectores de Electrnica,Servicios profesionales o Banca mantienen mejores previsiones que la media en cuanto a la inversin de 2022.Investment prospects by sectorFigure 36TotalCommercial distribution and reta
195、il sales Chemicals,pharmaceuti-cals and other productsAutomotive industry and componentsElectronics and ICTsBuilding and engineering servicesFood and drinkAgriculture,forestry and fishingProfessional servicesBanks,insurance and other financial servicesLogistics and transport0%10%20%30%40%50%60%70%80
196、%90%100%IncreaseMaintainDecreaseBarometer of the Business Climate in Spain,Results 2022Appendix 248BACK TO CONTENTS2.Workforce prospects by sectorOverall,91%of the companies surveyed in the study plan to increase or maintain their workforce in Spain in 2022.The forecasts are slightly lower for compa
197、nies in the Commercial distribution and retailing and Automotive and components sectors.However,companies in the Electronics and Information and Communication Technologies,Logistics and Chemical and Pharmaceutical Product sectors show more favourable results.Workforce prospects by sectorFigure 37 0%
198、10%20%30%40%50%60%70%80%90%100%TotalCommercial distribu-tion and retail sales Chemical,pharmaceuti-cal and other productsElectronics and ICTsAutomotive industry and componentsBuilding and engineering servicesFood and drinkAgriculture,forestry and fishingProfessional servicesLogistics and transportBa
199、nks,insurance and other financial servicesIncreaseMaintainDecreaseBarometer of the Business Climate in Spain,Results 2022Appendix 249BACK TO CONTENTS3.Turnover prospects by sectorOverall,83%of participating firms expect to end 2022 by either increasing or maintaining their turnover.This percentage i
200、s slightly down in the Construction and Engineering and the Agriculture,Forestry and Fishing sectors.However,in other sectors like Banking or Electronics and ICT,the prospects are somewhat more positive,as reflected in Figure 38.Turnover prospects by sectorFigure 38 0%10%20%30%40%50%60%70%80%90%100%
201、IncreaseMaintainDecreaseTotalCommercial distribu-tion and retail sales Chemical,pharmaceuti-cal and other productsElectronics and ICTsAutomotive industry and componentsBuilding and engineering servicesFood and drinkAgriculture,forestry and fishingProfessional servicesLogistics and transportBanks,ins
202、urance and other financial servicesBarometer of the Business Climate in Spain,Results 2022Appendix 250BACK TO CONTENTS4.Export prospects by sectorOverall,70%of the companies surveyed in the study exported to other countries from Spain.As Figure 39 shows,companies in the Chemicals and Pharmaceuticals
203、 sectors have a higher export profile than average,with the same applying to Agriculture or Food and Beverages.However,companies in the Professional Services and Banking and Insurance sectors have a significantly lower export profile than the average.In terms of export forecasts for 2022,the Constru
204、ction sector presents more negative results,compared to the better export prospects of sectors such as Electronics and ICT.Export prospects by sectorFigure 390%10%20%30%40%50%60%70%80%90%100%Dont exportTotalCommercial distribu-tion and retail sales Chemical,pharmaceuti-cal and other productsElectron
205、ics and ICTsAutomotive industry and componentsBuilding and engineering servicesFood and drinkAgriculture,forestry and fishingProfessional servicesLogistics and transportBanks,insurance and other financial servicesIncreaseMaintainDecreasePaseo de la Castellana,27828046 MadridT:(+34)91 503 58 00investinspaininvestinspain.orgwww.investinspain.orgNIPO:114230014