The digital services sector, one of the most resilient and representative of the current labor market
Despite the fact that the pandemic severely contracted the Spanish economy with -4.3% of GDP last year, companies in the ICT service sector stand out from the general norm, increasing their turnover by 7.7 % over one year (between March 2020 and 2021). This important record is finally beating with 12 consecutive months of negative developments due to the pandemic.
According to the latest installment of the monthly TIC Monitor barometer, prepared jointly by VASS and the CEPRÈDE Economic Forecasting Center, this magnificent information marks the long-awaited path of recovery in which the ICT services sector is one of the main drivers.
“This strong rebound has a statistical component, derived from taking the first base month of containment as the base month (March 2020). This is the first year-over-year photo that covers a period fully affected by the COVID-19 situation. Nevertheless, these figures reveal the beginning of an economic recovery, hand in hand with one of the sectors, that of digital services, which has positioned itself as more resilient and representative of the new economic paradigm ”, indicates Antonio Rueda, director of VASS. Research and responsible for TIC Monitor.
In the same vein, job creation, mostly specialized, also showed a positive growth rate of + 2.11% over the last twelve months, the best record since April 2020.
This growth trend is confirmed in the light of activity expectations in the ICT services sector, which are more positive than in previous months, both for Spain and for the European Union as a whole. Something which, according to Antonio Rueda, is due to “the proximity of European funds – with the recovery plan recently approved by the Commission and the stable vaccination rate”.
Entrepreneurs are keeping their tone positive, and the vast majority anticipate business growth in the short term, between June and August. The indicator is in line with the previous delivery, +45.2 points on a scale of +/- 100. Thus, 72.6% of companies in the sector have better expectations, against 27.4% who perceive a deterioration of their turnover. This indicator is 61% more optimistic in Spain than the European Union average.
For its part, job growth expectations are improving compared to last month’s data, scoring + 19.2% on a scale of +/- 100. The balance of optimists and pessimists is in favor of the former. , since 59.6% of businesses expect net job creation between June and September.
“One of the axes of the European Union’s recovery plan, which designates the digital transition as the backbone of growth, aims to promote advanced digital skills with the aim of reaching 20 million ICT specialists in the EU, compared to 7.8 million currently. The estimate that Europe needs 350,000 specialists to meet its most current needs proves this fiercely. And it is this shortage that has enabled the sector to stay out of the general inertia of job destruction, ”explains Rueda.