These are the Spanish companies that will contribute the most to economic recovery

The sectors that will collaborate the most with the economic recovery in 2024 are banking, information technologies, large distribution and retail, food and tourism, according to the latest ‘Business Success’ study, prepared by Advice Strategic Consultants . These sectors are considered the least cyclical, so they are “always” crucial for the functioning of the economy and acquire added importance given the current economic situation.

The large Spanish company will emerge as the great catalyst to recover economic growth, with prominent companies such as Fundación ‘La Caixa’, Inditex, CaixaBank, Telefónica or El Corte Inglés. The ‘top 10’ is completed by Banco Santander, Mercadona, Meliá Hotels International, Iberdrola and CellNex. With the help of European funds, these companies will promote economic recovery to create a new productive model in which the drivers of the economy are sustainability and digital transformation, as stated by the managing partner of Advice Strategic Consultants, Jorge Diaz Cardiel.

Banking, a crucial sector to get out of the crisis

The sector that will contribute the most is banking, due to its role in financing SMEs and the self-employed in Spain (they represent 88% of the credit they receive, according to ECB data). “Banking is an essential sector to get out of the crisis because SMEs and the self-employed and families will need financing, whether for investment or consumption,” the document states. The area of ​​Information Technologies and Digitalization is a very broad and diversified sector, in which Spaniards place high hopes to revitalize the economy in the event of a slowdown.

Due to its digital transformation, national capillarity and its capacity to create jobs, El Corte Inglés leads the large distribution and retail sector, followed by other large companies that meet these factors positively valued by society to lead the recovery, as in ditex, Mercadona, Mango, H&M or Carrefour. In food, by manufacturers, Unilever, Nestlé, Danone, Campofrío and El Pozo stand out, among others. In 2020, it was a key sector by necessity, taking into account the continuity of the pandemic in 2021 and the economic crisis in 2022.

Finally, in the tourism sector, Meliá Hotels International, Barceló, NH Hoteles, AC Hoteles by Marriott, Iberostar, Riu stand out. This sector has recovered the levels of billing, sales, stays and spending prior to the pandemic and is experiencing new momentum.