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ICT services in Spain registered their highest growth in 16 years in 2021

According to data from TIC Monitor monthly barometer, prepared by VASS and Ceprede (Center for Economic Forecasting), the Spain’s ICT services sector recorded growth YoY of its turnover in 2021 of 20.7%, the highest rise in the sector in the last 16 years. Thanks to this growth, the sector has grown by an average of 9.7%, compensating for the drop it experienced in 2020.

In addition, the good billing data recorded in that year mean that the average year-on-year turnover per employee of the companies in the sector has been positive for four months, and its trend for the coming months is upward. The companies in the sector in Spain have a turnover perspective between March and May of this year of +55.8 points, which means that nearly 78% of businessmen expect their business figures to grow.

The sector is therefore optimistic in terms of turnover for this year, which is also reflected in the expectations of job creation in the short term. Thus, between March and May of this year, 84.6% of companies related to the ICT sector in Spain expect to increase their workforce. These data are in line with the activity in terms of employment of Spanish ICT companies in 2021. Then, their job creation was 5.8% higher than that registered in 2020, and the second best of the 32 activities in the service sector in Spain.

Antonio Rueda, Director of VASS Research and Head of TIC Monitorhas highlighted that «lhe recovery of ICT services in Spain has been especially positive, much higher than the average for the services sector and for the economy as a whole. According to the Active Population Survey, in 2021 programming, consulting and other computer-related activities companies (sector 62 of the CNAE) created 33,600 new jobs, closing with a record figure of 377,500 employed. Since 2008, these activities have generated 155,000 new jobs, with an accumulated growth of 69%. We will find few more dynamic sectors in the entire economic structure of our country».

Of course, Rueda also warns that «we will have to study the impact of the war in Ukraine and the uncertainty that may be associated with it in the countries most exposed to trade with the countries in conflict, on the one hand; and the repercussion of runaway inflation in transcendental headings such as energy or food. The next deliveries of the barometer will bear witness to this new reality.”

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