The digital services sector in Spain has recorded an average growth of 10% in the first half of 2024, according to the latest report from the TIC Monitor barometer, developed by the VASS Foundation and the CEPREDE Economic Predictions Center. This increase occurs in a context of economic moderation and widespread caution.
The report highlights that, after discounting price variation, the real growth of the sector stands at 6%. However, the year-on-year variation, from June 2024 to June 2023, shows a modest increase of 2.6%, which would turn negative if price effects are considered.
Despite the slowdown in year-on-year growth, the sector continues to show dynamism in job creation. In the first six months of 2024, employment in digital services grew at a rate of 4.1%, compared to the 1.6% recorded in all service activities. In the past year, 26,799 new jobs have been created, increasing the professional base to 483,353 and positioning the sector in the fifth position in the national ranking.
Business expectations for the short term are optimistic. According to the barometer, 64.9% of employers expect an increase in turnover by October, while 65.4% anticipate a net job creation. These percentages far exceed the optimism of companies in the European Union.
Antonio Rueda, director of the VASS Foundation and responsible for the TIC Monitor, points out that it will be crucial to observe the upcoming data to determine if the year-on-year figure for June is an isolated phenomenon or the beginning of a cooling phase. Rueda warns that the turnover per employee ratio has shown a negative year-on-year evolution for the second time in the last 32 months, which could influence job creation in the digital sector.
The VASS Foundation, a non-profit organization, is dedicated to promoting digital talent through research, training, and educational cooperation, with the aim of turning Spain into a digital hub in Europe. On the other hand, VASS is a global digital transformation company that offers innovative solutions in 26 countries, collaborating with organizations to facilitate their transition to the digital future.
The TIC Monitor barometer reflects a mixed but generally positive outlook for the digital services sector in Spain, suggesting resilience against economic uncertainties and strong dynamism in job creation and business expansion.