.svg)
- Spain's economy is outperforming most European countries, with 0.6% annual growth in the last quarter of 2023, surpassing the eurozone and EU averages which stagnated at 0%.
- Immigration significantly contributed to this growth; immigrants accounted for 64% of newly created jobs and half of Spain's overall economic growth in 2023, playing a crucial role in employment growth.
- Immigrants are increasingly filling positions in higher-skilled sectors like technology and science, as well as growing in hospitality, shifting away from traditionally low-skilled sectors such as construction and domestic help.
- Spain has implemented policies facilitating immigration, including visas for highly skilled professionals and recognition of Latin American qualifications, helping address labor shortages and improve immigrant integration.
Spain's economy is experiencing a boost, outperforming most European countries. This growth is fueled not only by healthy domestic consumption and a strong investment climate, but also by a growth in employment.
In the last quarter of 2023, the Spanish economy advanced at a 0.6% annual pace and its growth trajectory significantly surpassed the eurozone and EU averages, both stagnating at 0%.
The role of immigration
Spain witnessed one of the strongest employment increases in Europe during the last quarter of 2023. Immigration played a significant role in this growth. According to Raymond Torres, chief economist at Funcas, a Madrid-based think tank, immigrants accounted for a substantial portion – 64% – of newly created jobs and half of Spain's overall economic growth in 2023.
Traditionally, immigrants filled low-skilled vacancies in sectors like construction and domestic help. However, this trend is changing. Migrant job growth is now more evident in the technology and science sectors, more than doubling from 2018 to 2023. The hospitality industry also saw a 30% rise in immigrant workers over the same period.
While Spain's unemployment rate has reached its lowest point since 2007 (at 11.8%), it remains the highest in Europe. Companies still struggle to fill specific positions and attracting qualified foreign candidates is seen as potentially more efficient than retraining the existing workforce.
To facilitate the immigration wave, Spain has implemented visas for highly skilled professionals and taken steps to recognize the equivalence of certain Latin American qualifications, addressing a challenge that has interfered with immigrant integration in other European countries such as Germany.
Jobbatical specializes in end-to-end global mobility, providing full support for the relocation of professionals to Spain, for both employer and their employees. Our expert team takes care of all the time-consuming immigration and settling-in procedures and gives your hires an easy and enjoyable relocation experience. Schedule a free consultation to explore the best solution for your company's needs.
Frequently Asked Questions About Immigration and Spain's Economic Growth
.svg)
.svg)
