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Alicante
Wednesday, October 16, 2024, 12:05
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Alicante’s economy continues its growth trajectory in key socio-economic variables. With kinship and employment peaking in 2024 and tourism booming, the state faces modest growth while overcoming international conflicts and geopolitical fluctuations.
The Economic Institute of the Province of Alicante (Ineka) remains “optimistic” about the provincial economy, with its director Nacho Amirola recalling that Alicante has a “growing and strong economy”. I expressed this during the presentation of the traditional Socio-Economic Situation Report for the second quarter of this year, which was released this Wednesday.
Mr. Amirola emphasized that the state “continues on a path of growth,” highlighting social security participation and unemployment rates “comparable to 2008” as key factors for improving productive activity. . Nevertheless, Ineka reiterates the need to “continue efforts to increase both the size, productivity and competitiveness of companies.” The president of the organization calls for “public investment accompanied by private investment” to increase this competitiveness.
However, not everything is positive. There is still a small company in Alicante. The average capital in Spain is 45,000 euros, while in the states it is around 35,000 euros, and the average number of employees is around 9 people, compared to 12 or more for other companies in the country. “We continue to be a small business state, and that impacts our ability to enter new markets,” Amirola said.
Major sectors such as footwear are in decline, and Alicante’s weight in the economy is falling even further. Paco Lopis, head of research at Ineca, highlighted the changes in business structures regarding the creation of commercial companies. “Especially in the run-up to the summer, many businesses are being set up in sectors such as services, and businesses in industrial sectors such as footwear are closing down.”
In fact, all regions recorded a significant increase in the number of social security contributions, which declined by 1.7% quarter-on-quarter, mainly due to the difficult situation in footwear, the main industry. Only Vinalopó Medio. Through.
footwear situation
Exports in the second quarter registered a slight annual increase of 1.2%, increasing by approximately 20.8 million euros. Despite these numbers presented by Ineca, the institute highlights a moment occurring in the state where footwear is no longer a major export force.
The agri-food sector, which includes fruits and vegetables, currently exceeds the footwear sector in terms of total exports. Sales of agricultural products will increase to 18.3% of year-to-date exports, while footwear will only account for 16%. In addition, according to Ineca data, exports of the main sector of the manufacturing industry have decreased by 14% compared to the previous year, which means a decrease of approximately 95.178 billion euros compared to 2023.
Despite going through difficult times, Ineka believes that shoes can overcome this situation. “While it is true that footwear has been in a significant decline for some time, there is no question that this sector in our state is one of the most competitive in the world,” Amirola said. says.
Paco Lopis, head of research at Ineca, also highlighted the state’s diversity in the production sector, saying, “With lower CPI prices, households will allocate more of their income to other products such as footwear and fashion.” I believe that.” This is because the same number of footwear is sold as in 2018, so the consumer slowdown is “one of the big issues facing the industry” and “trends continue to improve”.
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