Jobs At Home

Spain’s successful companies are committed to staying in the country, but are unlikely to generate many new jobs for Spanish workers as they expand overseas.

Concerns about the country’s ability to grow and increasing moves to manufacture and develop new products in emerging markets such as Brazil and Russia means the unemployment rate could remain around 20% for several years to come.

Businesses in some of Spain’s fastest growing sectors, such as technology and renewables, said they expect to reduce or at best maintain their workforces as they expanded into new markets.

The development is likely to see Spain retain its strong track record as an exporting nation, which has been maintained through the last three years of recession with a steady 1.8% share of world trade despite the rise of China and the far east. But new jobs are likely to go overseas leaving the recovery largely jobless.