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Grandeur in Difficult Times - Spain and its Family Businesses

Boris Matijas, Archipiélago

Grandeur in Difficult Times - Spain and its Family Businesses

Boris Matijas, Director and Founder of Archipiélago, explores in the following report just how family businesses in Spain have been affected by the current economic downturn and how they can champion a new outlook aimed at recovery. 

Not long ago, the Spanish economy was booming. The unemployment rate was less than 8% and the country was among the top ten high-performing economies in the world. Today, the picture has changed dramatically: Spain is struggling to recover from the devastating effects of the global financial crisis, best illustrated by the country’s 27% unemployment rate and loss of 276,000 companies (Family Business Institute).

The Business Families of Spain

Of the thousands of businesses that have disappeared during the economic downturn in Spain, it is not known how many were family-owned. It can be easily deduced however, that many family firms were affected. According to the Spanish Family Business Institute, family businesses account for 85% of the Spanish business sector, 70% of national GDP and 70% of employment in the private sector.

The role of family businesses in Spain has always been of paramount importance. Among their main intrinsic advantages lies their capability to improvise and adjust to circumstances, their experience, their network and their knowhow, which has oftentimes been handed down for generations to come. But above all it is the families’ ability of compromise and patience, via their long-term strategic outlook, which have allowed them to endure turbulent times.

READ THE FULL ARTICLE AT Tharawat-magazine


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