Malaga Rises From The Ashes After Losing Almost €5 Billion During The Pandemic

0
SUMMER could be coming early to the south of Spain with temperatures set to hit 30 degrees.
SUMMER could be coming early to the south of Spain with temperatures set to hit 30 degrees. image: Wikipedia

Malaga Rises From The Ashes After Losing Almost €5 Billion During The Pandemic.

THE coronavirus pandemic has reduced Malaga’s GDP by €4.8 billion and eaten up three years of growth, according to a recent report.

Last year, in 2020, huge losses were generated by Malaga’s economy, the business fabric, and employment in Malaga, due to the impact of the pandemic, witnessed an unprecedented drop in consumption and activity that has eaten up three years of progress (between 2016 and 2019) in which the province’s Gross Domestic Product (GDP) reached its all-time highs.

-- ADVERTISEMENT --

First estimates by the Andalucian statistical institute IECA revealed that the economy of Malaga, after a fall of 14 per cent last year, remained at €31,398 million at current prices, with a decrease of €4,820 million compared to the previous year, which exceeded €36,200 million.

The 2019 figure is the highest since the IECA began taking records back in 2008 (precisely the time of the first recession that was experienced worldwide with a GDP then of almost €31,000 million).

The economy had clearly begun to recover from 2015, after falling in the hardest years of the crisis to levels below €28,000 million and, between 2016 and 2019, it managed to increase from €31,400 million to the aforementioned €36,200 million.


The year 2020, in principle, was going to give continuity to that stage of growth, but the emergence of Covid has devastated all those expectations, taking away from Malaga all the increase in GDP accumulated in the preceding three years.

The enormous reliance on tourism, hospitality, and commerce in the provincial economy (the services sector accounts for 82 per cent of Malaga’s wealth) caused the collapse to be the most pronounced in all of Andalucia, according to a report from the Economic Analysts of Andalucia this week.

Malaga rises from the ashes.


Already, and only within a short period however, the green shoots of recovery can be seen. Business owners are hiring, mobility between provincial areas is now allowed and there is great optimism regarding the upcoming summer season.

Related:

Andalucia Works Towards Restarting Cruises From Malaga Port.

The Junta de Andalucía has initiated working meetings to discuss how to resume cruise activity in the port of Malaga which was interrupted due to the Covid pandemic.

These actions take place after the approval by the Governing Council of the Protocol of the Ministry of Health and Families of action for cruises of exclusively national itinerary and with a stop-over in Andalucia.

Source: laopiniondemalaga

 

-- ADVERTISEMENT --
Ron Howells
Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.

LEAVE A COMMENT

Please enter your comment!
Please enter your name here