II Barometer on climate and prospects for Italian investment in Spain
Afi has prepared the 'II Barometer of Italian Investment in Spain 2024', commissioned by the Italian Chamber of Commerce and Industry for Spain with the support of the Italian Embassy, to evaluate the volume, business climate, impact and prospects of Italian direct investment in Spain. This report analyzes in depth the stock and flows of Italian direct investment, the perceptions and expectations of companies operating in Spain, and their economic and social impact (employment, innovation, geographical distribution), as well as the challenges of the macroeconomic environment
Key findings:
- In 2024, Italian flows totaled 987 M€, tripling the figure of the previous year. Italy ranked as the tenth investor country in Spain
- In 2023, the Stock of Italian investment reached 48 341 million €, a year-on-year decline of 8.4% from 53 785 M€ in 2022, although still above the 2021 level. Italy remains the 5th investor in Spain, representing 7.9% of the total
- In 2024, The Spanish economy grew by 3.2%, while the Italian one reached 0.7%. The main challenge for 2025 will be increased international protectionism and global uncertainty.
- In geographical terms, Madrid absorbed 64% of the flows (637 M€), Catalonia 13% (128 M€) and the Basque Country 5.6% (54 M€).
The report highlights the continued and growing relevance of Italy in the Spanish economic fabric. Despite the decline in stock in 2023, the recovery of flows in 2024 and growth and employment plans point to a strong commitment to the Spanish market. Spain stands out for its quality of life, stability and legal framework, although it must improve its taxation and boost innovation.
