In 2016, Spain was Canada’s 7th largest merchandise export market in the EU with total Canadian exports reaching CAD 1.8 bn. In the medium term, Canadian exports to Spain should get a boost with the coming into force of the Comprehensive Economic Trade Agreement (CETA). While the Spanish market was hard hit by the Global Financial Crisis, the economy has recently been experiencing a strong upswing with real GDP growth reaching 3.2% in 2016 and expected to grow a rate of 2.6% in 2017. In October 2016, a centre-right minority government took office after two inconclusive elections. This has reduced government formation uncertainty but the legislative agenda of the new government is likely to be restricted given its minority status. From a sectorial perspective, EDC has historically seen most activity in a diversified range of sectors including Aerospace (Maintenance, Repair & Overhaul) and Telecom (Network Infrastructure). In addition to these industries, EDC sees strong future opportunities in the Construction & Infrastructure, Oil & Gas and Plastics and Chemicals sectors. It should also be noted that Spain has an accommodative business environment, ranking 32nd out of 138 on the World Economic Forum's recent Global Competitiveness Report making it an attractive location for investment.
- Construction & Infrastructure
- Oil and Gas
- Plastics and Chemicals