British companies are planning to increase their investment in Spain by between five and 10 percent next year after spending a record 2.5 billion euros in the first six months of the year. UK firms have a total investment in Spain of a massive €57.65 billion, 13.8% of the country’s total overall spend worldwide, according to a report by the British Chamber of Commerce.
At least 250,000 people are employed in Spain directly by British companies and the United Kingdom is one of the key investors in Spain. Madrid is the top place for British investment, totalling €1.64 billion, 65% of the total. In second place is Asturias, with €486 million and then Catalonia with €111 million.
The Balearies does not make the main list with British investment relatively small despite the fact that an estimated three million British tourists visit the island every year. British investment in Spain has primarily focused on wholesale trade and telecommunications. These two sectors account for 40% of British investment in Spain since 1993.
For next year British firms are planning to increase their investments as Spain continues to be one of the key areas for British investment.
There had been fears that British investment in Spain would fall as a direct result of Brexit but this has not proved to be the case.