El Corte Inglés Contributed 2.4% To Spain's GDP: KPMG
Spanish retailer El Corte Inglés created 340,000 jobs and contributed 2.4% to Spain's GDP in 2015, with an economic impact of €25 billion, according to a report by independent consultancy KPMG.
The economic impact assessment, which was completed on 28 February 2016, was based on direct, indirect, and knock-on jobs.
It found that annual employment provided by El Corte Inglés comprised 1.9% of total jobs in Spain: 150,000 direct, 120,000 indirect, and 65,000 induced.
In an analysis of the retailer's effect on different industries, the sectors which most benefited from El Corte Inglés activity were the textile industry, followed by furniture and other manufactured products, and in third place, the fishing industry and its derivatives.
In fact, textiles and footwear made up 16.7% of the total value of production generated by the Spanish market, while the economic impact of the retailer on the furniture sector and other manufactured goods equalled 6.2% of the national total. In respect of the fishing sector, it made up 5.6%.
The wages and salaries of El Corte Inglés also energised consumption of goods and encouraged production of jobs, the company said. It has been estimated that employees spent €2,000 of their salary on consumer purchases.
The company said the study proves that it is an important driver of the Spanish economy. El Corte Inglés also said it contributes €3.5 billion annually to public coffers.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: The European Supermarket Magazine