Series: Economic Bulletin.
Author: César Martín Machuca and Coral García.
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Summary
Rationale
The strong growth in exports of non-travel services following the pandemic has contributed significantly to Spain’s economic recovery. It is therefore useful to analyse recent developments in these exports.
Takeaways
- The cumulative growth of real exports of non-travel services between 2020 and 2022 amounted to practically 50%. In 2022, they thus stood almost 20% above their 2019 level, a significantly larger gap than for other final demand components.
- The recovery in non-travel services exports following the pandemic has boosted this item’s sustained growth of recent decades and has been mainly underpinned by exports of business, transport and IT services, especially to the euro area and North America.
- The competitiveness of large Spanish exporting firms, which generally form part of corporate groups, might explain, at least in part, the robust growth in non-travel services exports after the pandemic.