Spain is less dependent on Russia

Spain has a lower dependence on Russia compared to the average of the European Union countries, highlights a report by the European Commission.

Overall, only 0.3% of the Spanish economy’s value added depends on Russian final demand (compared to 0.6% for the EU27).

Also the share of Russian value added is limited in Spanish final demand, although it is relevant for fuel products.

The number of Russian tourists had increased significantly before the pandemic, especially in certain parts of the Mediterranean coast, but they still represent a small share overall.

At the same time, the stock of foreign direct investment from Russia is negligible, while the presence of Spanish companies in these countries is limited to a few exceptions in infrastructure and retail activities.

In general, according to the European Commission, direct economic exposure to Russia and Ukraine is limited and lower than that of other Member States. Trade dependencies and value chain interrelationships with Russia and Ukraine are small and limited to a number of sectors.


Specifically, compared to other products, both traded values and shares in total Spanish imports of goods are significant for Russian oil and gas (although lower than the EU average), and for Ukrainian cereals and sunflower oil.

On the other hand, the reduction of Spain’s net external debtor position stopped in the first half of 2020, mainly due to the contraction of GDP, but resumed in 2021.

The European Commission expects the current account surplus to widen in the coming years thanks to the gradual normalization of international tourism that started in the second half of 2021.

Together with the recovery in GDP, it projects this to contribute to a decline in the net international investment position (NIIP).

The sharp deterioration in export market share in 2020 and early 2021 reflects the Spanish economy’s dependence on tourism.

Moreover, the European Commission estimates that the export market share will recover in the coming years thanks to the gradual normalization of international travel.

The decisive reduction of Spain’s large external liabilities requires the maintenance of current account surpluses over a long period of time.

The combination of reforms and investments planned and under implementation in a number of areas under the Recovery and Resilience Plan has the potential to further increase the competitiveness of Spain’s business sector and exports.


Redacción Opportimes

Mostrar más
Botón volver arriba