When in 2006, Emmanuel Deleau crossed the Franco-Spanish border to settle in Barcelona, the contrast turns out to be striking. Dilapidated roads, and many old mansions crossed on the way … “We had the impression of going back 30 years,” recalls this investor of Parisian origin, co -founder of the French forces of industry and creator, in the Catalan city, from Peña Business Club, a community of entrepreneurs. The construction sector is then booming: renovation and construction projects are increasing, drawing growth up. When the subprime crisis comes, two years later, the real estate bubble exploded. The crisis of sovereign debts followed which will stifle the country until 2015.
Almost 20 years later, after having suffered like Greece or Portugal, Spain is reborn. To the point that some people call it “the Florida of Europe” and Madrid, its capital, “the Miami of the Old Continent”. Road connections are in excellent condition and would make more than one French portion pale. All with few tolls. Airports cover the whole territory, while the country has one of the best rail networks in Europe. “There was a time when Spanish leaders were very criticized, much believing that they spent money in an inconsiderate way. When they joined the European Community, they knew how to use the funds perfectly. Spain has today One of the best infrastructures in the world, “notes Myriam Fréval, councilor for the foreign trade in France and founder of the real estate investment company Athol.
Above all, the Spanish economy has regained its force of yesteryear. In 2024, the gross domestic product (GDP) jumped 3.2 % -the largest increase in the euro zone -, a level close to its financial avant -climbing. Far, far from the 1.1 % torn from forceps by France, thanks in particular to the Olympic Games. “The massive influx of European recovery funds has been decisive. With a relatively low GDP compared to countries like France, Spain benefits from a larger share of subsidies, equivalent to around 11 % of sound Interior product “, Pointe Jakob Suwalski, analyst for Spain at the scope rating rating agency.
The tourism locomotive
This leap forward is also based on the two engines of its economy: exports and tourism. After the covid, international summer visitors flocked. “Several positive factors are at work: a diversified offer -from low -cost tourism to luxury, served by rich culture and gastronomy -good logistics competitiveness and high quality of service. Spain also benefits from the Geopolitical situation: its stability reassures in the face of tensions in the Middle East. In 2023, the country welcomed 94 million travelers, subsiding France, the world’s leading destination with its 98 million visitors. On the other hand, Spain released 126 billion euros in tourist revenues that same year, that is to say almost double its tricolor neighbor.
Another less commented element played: “In the 2010s, Spanish companies had greatly increased their margins: due to unemployment which reached 26 %, discussions on wages have been much more favorable to them. Since the beginning of 2023, they Defeated this cushion, which enabled them to increase the real wages of their employees, thus supplying consumption “, develops Clément Bortoli, responsible for the conjunctural synthesis division at INSEE. Who says growth, says increase in revenue. Spain today has a public deficit at 3.5 % of GDP, compared to 5.5 % in France. However, “despite the strong increase in revenue, the deficit is only reduced moderately, due to very high social expenses. The situation is therefore not completely positive”, nuance Jakob Suwalski.
Immigration without tension
To achieve these good results, companies are largely based on immigration. Over the past three years, Spain has hosted more than 700,000 newcomers, a majority of whom from Latin America. On the demographic level, life expectancy is the second highest on the planet. In the coming years, it could even exceed those of the undeniable Japanese. Good and bad news, because at the same time the fertility rate is at a level historically low. Foreign workforce is therefore crucial for the functioning of the country. “Immigration is not a subject of tension as in France: with sustained economic growth and a need for labor, it is perceived as a necessity. The common language and culture of South American immigrants facilitate Also their integration, “says Sébastien Alvarez, in charge of international development at the Franco-Spanish Chamber of Commerce.
Business leaders also have more flexibility to manage their workforce. “In France, we have the feeling that the longer the duration of an employee, the more complicated it becomes. In Spain, the delay is 15 days, which makes dismissals easier. The objective is is not to return, but to hire more easily then, “explains Bertrand Rigaud, vice-president of the Chamber of Commerce and co-founder of the Rental & Partners rental platform.
Political instability does not scare anyone
Remains the political question. If France has only known a month without a new budget, Spain has been living this situation for over two years. Prime Minister Pedro Sanchez does not have a majority and Parliament is very fragmented. This does not prevent him from passing important laws. In 2023, the retirement age was thus noted at 67, resulting in few demonstrations in the streets. “The Spanish mentality is much more conquering. There reigns a much more marked optimism than in France. We live a fairly unprecedented period: in Spain, the parties have always been able to find agreements to govern. There is no trauma, which contributes to a better state of mind, “says François-Xavier Lacroix, senior vice-president of Danone Business Services, installed in the country since 2017.” Spain is more used to sailing in periods of Political or budgetary instability, abounds Thomas Gillet, director of sovereign ratings and public sector at Scope Ratings.
Composed at 99 % VSE and SMEs, the Spanish ecosystem is still in motion. “It is a country that has gained weight and appears today as a model against France. We do not always make it, but the Spaniards have a careful look at what is happening from the other On the Pyrenees side “, describes François-Xavier Lacroix. “The Spaniards show remarkable reactivity: they observe what is done abroad and reproduce it better,” adds Myriam Fréval.
A success that gives the eye to French companies. In early February, Saint-Gobain announced an investment of 40 million euros to enlarge its factory located near Madrid. The industrialist is not the only one to eye the other side of the border. “We are overwhelmed with requests from companies who wish to settle there,” says Sébastien Alvarez, of the CCI France-Spain. A dynamic that should not weaken. Forecastists rely on growth of 2.5 % in 2025. What give desires elsewhere.
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