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Financial Services Report Spain

  • ID: 2139134
  • Report
  • Region: Spain
  • 23 Pages
  • The Economist Intelligence Unit
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Business at home for Spain's financial firms has picked up in recent years on the back of a firmer underlying economic performance, but remains relatively weak overall. The largest banks and insurers that also operate abroad have benefitted from stronger economic conditions. However, the still low interest rate environment and a high level of non-performing assets continue to hinder profitability.

In comparison with other EU countries, financial services play a relatively small role in Spain's economy. The sector accounted for 3.5% of GDP in 2018-low by regional comparison (the EU average stands at about 4.2% of GDP). The financial services industry is also not a major employer, engaging just 1.8% of the working population in 2018, well behind the 2.5% recorded in the EU as a whole.

Notwithstanding some isolated episodes of instability, like the resolution in June 2017 of Banco Popular, the financial sector has recovered since January 2014, when the country exited the EUR41.3bn assistance programme agreed with other euro zone countries and the European Stability Mechanism (ESM) in 2012. At that time the weakness of the banking sector-especially the poor state of Spain's savings banks (cajas in Spanish, or caixas in Catalan and Galician)-was fuelling broader concerns about the outlook for the country.

Industry List: Asset management, Financial Services, Banking, Financial Services, Financial markets and instruments, Financial Services, Financial regulation, Financial Services, Financial Services, Financial Services, Insurance
Industry Codes (NAIC): 52
Industry Codes (SIC): 60
Note: Product cover images may vary from those shown
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Financial Services Report Spain

Overview

Banks

Insurers

Asset managers

Financial markets and instruments

Financial regulation
Overview
Regulatory watchlist

Monetary and currency policy: Monetary policy

Monetary and currency policy: Exchange rates

Spain at a glance

Fundamental indicators

Key contacts
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