40% of Navarre’s GDP is held by foreign multinationals
- In the Spanish state as a whole, only Madrid (44.9%) stands ahead of Navarre, with 44.9%. The 154 affiliated companies of multinationals located in the Foral Community generate 17.5% of employment in Navarre.
The News Journal, in its print edition of 4 November, has offered a series of data. Dependence on foreign capital has increased in Navarre in the last decade. The crisis has influenced this. Madrid is the first autonomous community to join the call list. Foreign multinationals account for 44.9% of GDP. In this community, in the last decade, dependence on foreign capital has increased by 9.8 points. In Navarre, on the other hand, dependence increased by 13.2% in the same period of the year.
Why?
In Navarre, there are two main actors. On the one hand, the car manufacturer Volkswagen has a significant weight in the car market. In the last decade, average billing has stood at 30%. On the other hand, construction has collapsed and most of the companies in this sector were Spanish or Navarre.
Two other operations have to be taken into account. In the wind sector, a very important area in Navarre, the multinational Siemens has bought Gamesa and the decision centres have moved further away from Navarre. A similar thing has happened in the second operation. The German company Nordex has been made with the local company Acciona, which has asked for help. The wind sector has over 13,000 workers and is one of the most important sectors in Navarre. Automotive is another very prominent sector that is in the hands of foreigners. The next feeding. This sector is still controlled by the capital of Navarre.
The Government of Navarre, through private and public capital, plans to set up investment funds so that Navarre companies can have investment opportunities and do not move from Navarre.
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