The digital economy is unstoppable throughout the world and Spain, of course, could not be an exception. In fact, our country is one of the countries that has advanced the most in IT and digitization in recent years, although, as with everything, there is still a long way to go. Especially at the business level.
According to the latest report from the Spanish Association of the Digital Economy (Adigital), the digital economy has already reached 22.6% of the country’s GDP in 2022. This represents up to four points more than what it meant in 2019 and an accumulated growth of 19% in the period between 2020 and 2022.
But what is the reason for such success? The key is simple: digital adoption by users and companies on the one hand and, on the other, the economic recovery after the Covid-19 pandemic. In fact, it has recovered with a variation of 15.9% between 2020 and 2022.
When we talk about digital economy, This term refers to the use of information technologies in the production processes of goods and services, and also to its commercialization and consumption. An expression that shows how the industry is capable of creating new products and services or transforming existing ones, taking advantage of the possibilities of technology.
According to the American economist Thomas Mesenbourg, The digital economy consists of three essential pillars. The combination of these helps societies advance and the economy in general to modernize and become more competitive. These are electronic business, technological resources and electronic commerce.
It is estimated that in Spain the impact of this economy is 11.2%, that is, three tenths more than what it meant in 2020 and up to 2.2 points in relation to 2019. Highly positive figures and backed by the growing digitization of SMEs. These small and medium-sized companies represent up to 99.8% of the Spanish business fabric.
The important but difficult role of SMEs
But not all are good news. And it is that these do not have the same position or financial facility as the small number of large existing companies. This leads to a slowdown in investment in innovation and digitization, access to credit and even its expansion in international markets.
This report highlights the importance of ‘drawing’ a roadmap to make Spain an even more competitive country in terms of technology, taking advantage of its particularities and strengths.
It also highlights the thriving role of scaleups and the unicorns, main drivers of the digital revolution in the business fabric. With a drag effect based on the attraction of investors, digital talent, multiplier effect of entrepreneurship, development and use of technological tools
Digitization is a key factor for economic and social development. Therefore, it is essential to continue monitoring and measuring its impact in order to draw up a roadmap that allows Spain to advance in this area.
