Foreign subsidiaries in Spain see 7.1% turnover growth in 2024

Foreign multinational subsidiaries in Spain saw a 7.1% increase in turnover during 2024, reaching a total of 851,179 million euros, according to data from the National Statistics Institute (INE). While these 17,898 subsidiaries represent only 0.5% of the total number of companies in Spain, they account for approximately 29% of the turnover in the analyzed sectors and 16.2% of employment, with over 2.5 million people employed.

Geographically, the Eurozone remains the most significant source of business for these subsidiaries, accounting for 56.7% of the total. France led in turnover with 15.5%, followed by Germany at 14% and the United States at 11.8%.

Sectoral analysis shows that while the services sector employs the most people (over 1.3 million), the industrial sector generates the highest turnover, contributing 41% of the total business volume despite having fewer employees. The transport material branch is particularly notable, with foreign subsidiaries accounting for 82.9% of the sector's turnover in Spain.