Spain has had a rollercoaster ride over the past twenty years from an economic perspective. The country went through a classic boom and bust scenario. The Spanish population felt the highs and lows of a rapid growth in living standards only to be then battered by a massive downturn leading to wage stagnation and record levels of unemployment – especially amongst the younger generation.
Things seem to be picking up however and the hope is that Spain has weathered the economic storm and is poised for a period of solid, manageable GDP growth which can help to drive the country into a more prosperous and sustainable future. Some painful lessons have been learnt the hard way and future economic consolidation will be built on stronger foundations going forward.
If you are thinking of doing business in Spain, the economic signals are positive and now is probably a good time to approach the market. The country has a highly educated workforce and a strong middle-class consumer base. As a key member of the European Union, Spain has well established trading links throughout Europe. Add this to its position as ‘the gateway to South America’ and its geographic proximity to North Africa and Spain starts to look like a highly attractive market.
However, if you are thinking of doing business with Spain it is extremely important that you do some homework before diving into any initial relationship-building activities. What are the key motivators of potential partners or clients in Spain? How are decisions arrived at and what is the best approach in terms of communication? Studying the business culture in Spain will help you make the right impressions from the outset.
This country profile provides an overview of some of the key aspects of business culture in Spain in a concise, easy to follow-format. The document includes information on: