Spain's Social Economy Sector Achieves Historic Economic Impact and Employment Milestones

Spain's Social Economy sector has reached a historic milestone, confirming its significant contribution to the national economy with the release of the first Satellite Account by the National Institute of Statistics (INE). This official account reveals that the sector represents 11.1% of Spain's GDP at current prices in 2023, with a Gross Value Added of €54.424 billion, accounting for 4% of the total Spanish economy.

Remarkably, during the challenging year of 2020 amid the pandemic, the sector's GDP contribution rose to 11.9%, showing resilience compared to the overall economy. Employment in the sector exceeds 1.2 million direct jobs, representing 5.8% of total employment. The sector also demonstrated stronger employment stability during the pandemic, with social economy jobs constituting 6.5% of total employment in 2020, reflecting a lower job destruction rate relative to the wider labor market.

The Spanish Business Confederation of the Social Economy (Cepes) hailed the Satellite Account as a “historic step” that will improve visibility and strengthen policy design. Cepes President Juan Antonio Pedreño emphasized that this recognition positions the Social Economy prominently within Spain and Europe's economic systems, providing reliable statistical evidence to enhance institutional standing and public policy effectiveness.

Regionally, the social economy's impact is also robust. In the Sakana region, social economy enterprises employ over 1,000 people and generate revenues exceeding €250 million. These companies play a pivotal role across diverse sectors including industry, energy, education, transportation, and primary activities. Efforts such as the establishment of the Sakana Social Economy Table aim to coordinate sector growth, address challenges like generational renewal and talent retention, and foster stronger collaboration among stakeholders.

Key challenges identified include sustaining industrial companies operating commercially, supporting emerging cooperatives, and developing infrastructure for talent, mobility, and care services. The collaborative initiatives in Sakana underscore the broader importance of the social economy as a driver for regional development and socioeconomic resilience.

Overall, Spain's Social Economy sector not only demonstrates considerable economic weight and job creation capacity but also exhibits resilience and adaptability, key factors contributing to the nation's sustainable growth. The official statistical recognition via the Satellite Account marks an important step forward in acknowledging and supporting this vital sector.