HSBC Navigator provides comprehensive insight into the now, next and how for business, representing the views of over 9,100 business decision-makers across 35 markets. This report gives an understanding of how businesses like yours can continue to grow now and in the future.

Spain projects sunny attitude toward growth

While other Eurozone countries have struggled, the region’s fourth-largest economy has replaced an export-fuelled recovery from the financial crisis with economic growth powered by domestic consumer demand1. Economic growth has slowed in recent quarters partly as a result of the deteriorating external environment and partly due to the slowdown of domestic consumption, although the external sector remains a net contributor to growth.

State of play

Business is good

Spanish firms are feeling confident about the future. The outlook for growth has strengthened further in the last year, with 85% of Spanish businesses expecting sales to grow in the next year and 89% expecting sales to grow in the next five years. The number of Spanish businesses that are high-growth firms – expecting growth of 15% or more in the next year – is 21%, close to the global average of 22%. A favourable political environment is tipped as a key driver by 40% of companies expecting growth, while new markets (45%) and transformative technologies (33%) are also boosting sales.

Fewer Spanish businesses expect to change wholly or substantially in the next five years – 44% versus the 50% global average. Compared to last year, they are more focused on increasing the use of technology in supply chains (39% this year from 29% in 2018) and moving into new markets (38% versus 25%).

85 %

of Spanish businesses expect sales to grow in the next year and 89% expect sales to grow in the next five years

Expectations for future business growth

Expect sales to grow – Next year*
Grow by 15% or more – Next year
Grow by 6-14% – Next year
Grow by 5% or less – Next year
Stay the same – Next year
Expect sales to shrink – Next year

Next year

Grow by 5% or less


Stay the same


Expect sales to shrink  


Next five years

Grow by 5% or less


Stay the same


Expect sales to shrink   


*This is the sum of grow by 5% or less, 6-14%, 15% or more.

What you need to know

  1. 1

    47% of Spanish firms have a more optimistic outlook in 2019 than last year.

  2. 2

    19% of international traders are projecting growth of more than 15%.

  3. 3

    Spanish companies are changing their supply chains to reduce costs (39%), move closer to their consumers (33%) and increase speed to market (32%).

What your business can do

  • Invest in innovation. Investing in technology is a key internal driver of growth and investing in innovation is one of the top three strategies to prevent shrinking sales.

  • Strive for continuous improvement. Many Spanish businesses are improving productivity and introducing new products or services.

  • Analyse your supply chain. Lengthening the supply chain is a strategy being adopted by 21% of Spanish firms.