INFO GRAPHIC


COUNTRY FOCUS


PENINSULA S


pain was among the Eurozone countries hit hardest by the economic crisis in 2008, its GDP shrinking by 10% over five years. At the same time, the lines of those searching for


work lengthened dramatically and when the country was at its lowest ebb, the unemployment rate was well above 25%. Family businesses have been


credited with staving off an even worse slump in employment levels. Research by the Institute for Family Business in Spain in 2016 found that, when the jobless total was at its highest, family firms were creating more jobs per million euros of revenue than before the crisis— whereas non-family firms were generating fewer than before. “When we’re in a crisis period,


[family business owners] sacrifice benefits in order to survive,” Dr Ana Felicitas Gargallo Castel, of the University of Zaragoza, says. “They prefer to survive rather than


to change the company, because the company is part of the family.” The picture in the Eurozone’s


fourth-largest economy has brightened in later years, and the turnaround has been credited to deficit cuts, labour market reforms and a shake-up of the banking sector. Although there has been sustained


growth since 2013, it was only last year that the economy reached its pre-crisis size, and unemployment remains as high as 16%.


64 CAMPDENFB.COM SANTANDER M AJOR PLAYERS INDITEX MERCADONA EL CORTE INGLÉS FERROVIAL 60 31.3 28.3 19.2 15 (2016) BOTÍN BANKING


ORTEGA MERA FASHION RETAILING


ROIG SUPERMARKETS ÁLVAREZ DEPARTMENT STORES DEL PINO CONSTRUCTION FINANCE ISSUE 73 | 2018 PERFORMANCE


Family businesses in Spain played a vital role in helping to limit the sharp rise in unemployment during the country’s prolonged slump, and are now seeing their fortunes improve as the economy continues to recover


SECTOR


FAMILY


REVENUES 2017 (in € billion)


COMPANY


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