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Spain's big business boom Facts and links |  |
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Spain's economy is on a roll. Buoyed by increased investment in its major industries, the country once blighted by years of isolation is in a period of boom. Reduced unemployment levels, entry into the single European currency and the government's much publicised clean up of alleged political corruption, have all contributed to the generally optimistic outlook.
La banca, the financial and banking sector, also features strongly in the top businesses, with merged banks like el Banco Bilbao Vizcaya Argentaria (BBVA) and el Banco Santander Central Hispanoamericano (BSCH) recording major gains on la Bolsa, the Spanish stock exchange. El sector energético, the energy sector, has been equally successful, with star companies including oil refiner Repsol and power company Iberdrola. In the retail sector, el sector detallista, old stars like department store El Corte Inglés continue to expand, outperforming competitors and acquiring further chains across Latin America and Europe. The social impact of this economic turnaround continues to spread. Commuter towns have begun to develop apace, as increasing numbers of Spanish people travel into town to work in these growing businesses. As yet however, there is no word in Spanish to describe that very British phenomenon, the commuter. |
Though still subject to the fluctuations of the global economy, Spain's top companies have also added to this buoyant mood, spearheading the country's economic recovery. They are led by the telecommunications giant Telefónica, the largest private company in Spain and one of the largest employers.