The automotive sector, the driving force of the Spanish economy

It's time to take stock, and the automotive sector's performance couldn't be better this year as it draws to a close. In every sense, this sector is proving to be one of the strongest drivers of growth in Spain. Sales grew by almost 19%, as did production, at 10.9%, and exports, at 7.9%. The sector's trade balance improved to €16 billion, and foreign investment in Spain grew by over €2 billion in 2014. Employment also increased, with more than 20,000 direct jobs created in 2014.

Undoubtedly, the year just ending is a good one for the sector due to all the factors mentioned above, but the best part is that the foundation has been laid for this situation to be even more positive in the coming years. However, this positive outlook should not lead to complacency, but rather to continue working toward the future and ensuring sustained growth.

Let's start with car sales in Spain. Through November, the market has accumulated 18.1% growth, and December is proving significantly better than expected. Therefore, by the end of the month, with three days left, this growth will increase by several tenths of a percentage point. A good result that places us above 850,000 units, compared to just 700,000 two years ago, in 2012. And ANFAC, the association that represents manufacturers based in Spain, is now forecasting a million passenger cars for 2015 for the first time.

Spain is currently the driving force of the European automobile market. With cumulative data through November, the Spanish market is growing by 18.1%, double the second-best figure, the United Kingdom, at 9.4%, and well ahead of Italy, at 4.3%. Germany, despite a setback in November, is growing by 2.6% year-to-date, while France is the worst performer among Europe's largest automakers, at 1.1%.

SOURCE: elconfidencial.com