700,000 SMEs close 2023 with losses

Spanish SMEs provide jobs for 71% of social security contributorsSMEs represent more than 90% of the total and account for more than 60% of Spain's private employment
As many as 700,000 SMEs, 23%, closed with losses in 2023, compared to 64% that closed with profits, as announced this Tuesday by the barometer of the General Council of the Colleges of Administrative Managers. The barometer was developed during the week of February 5 to 9, through consultation among 6,000 administrative managers. 

According to their data, 26% of SMEs invoiced less in 2023 than in 2022, compared to 47% that invoiced more. And 39% of businesses reduced debt during the past year, compared to 26% that increased it. Nearly 600,000 small businesses claim to have serious liquidity problems, which has meant that at least 12% of businesses are operating “outside” the system.

According to the president of the General Council of the Associations of Administrative Managers, there are “between 20 and 25% of businesses that are not getting back on their feet and that, if they disappear, will send many workers into unemployment.”

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.