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Updated Thursday, December 2, 2021 – 1:33 PM

Companies with less than 10 employees sell 2% less than in the last quarter of 2019 compared to the average turnover of their sector.

Closed premises in Madrid.JM CADENAS

The economic recovery from the blow caused by the coronavirus pandemic has opened a wedge between companies based on their size. And they lose, once again, SMEs and VSEs with less than 50 employees. An analysis by the Bank of Spain From his financial information, he concludes that small businesses have lost market share over the past year to their larger competitors in the same industry.

Concretely, their study certifies that companies with less than 10 employees sell 2% less than in the last quarter of 2019 compared to the average turnover of its sector. The situation is worrying because this figure increased last year, that is to say that the blow was double: they lost sales shares in 2020 in the full impact of the Covid and they are doing so at a faster pace. high in 2021 during the recovery phase.

Behind these differences lies the ability to cope with the crisis of the two companies. Although the blow related to the restrictions was similar for all, their financial situation was decisive in accessing liquidity to mitigate the sharp drop in sales and to invest to adapt their businesses to the new scenario.

“It has been verified that the differences observed between the variations in sales in micro and small enterprises, compared to the other two groups of enterprises, are statistically significant”, warns the supervisor in his analysis. The differential is much larger in specific sectors such as hotels, explain sources from the General Directorate of Economy and Statistics of the Bank of Spain.

The main conclusion of the study is that the current account and the financial situation of companies have improved remarkably compared to the year 2020, when many must have seen their activity paralyzed and average turnover plunged 14.3%, the largest drop in the historical series.

This loss of income was not fully offset by cost savings, despite the fact that labor and intermediate purchases were greatly reduced, resulting in a deterioration in the level of profitability of companies due to of the decline in their profits.

The blow has not been the same for all companies. The loss of turnover has been more intense in sectors such as the hospitality industry and, by size, in the case of SMEs. The latter suffered a decrease of 10.6%, against 6.7% for large companies.

In the same vein, the recovery of businesses also involves neighborhoods. Much of the industry has already recovered its sales compared to the year before the pandemic, but precisely in the restaurant-related businesses, sales continued to be 3 until last September.0% lower than those recorded before the pandemic.

“In any case, the Gross Value Added (GVA) of all companies during the first three quarters of the current year was still 13.8% lower than the levels observed during the same period of 2019 “, warns the Bank of Spain. Likewise, the ordinary net income of the group of companies between January and September 2021 is still 40% lower than in the same period two years ago.

According to the criteria of

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