Junta analyses UK business with region as Brexit looms
UK investment in Andalucia tripled in the first half of this year, according to a report published by the Junta de Andalucia that also pointed to an 8% increase in exports from the region to the UK compared to the same period in 2019.
The report analysed Andalucia’s exposure to UK trade against the backdrop of Brexit and found that, despite the impact of Brexit uncertainty and Covid-19 in key areas of the economy, the region remained attractive to UK businesses.
Inbound investment by UK companies tripled to 18.3m euros between January and June compared to the same period in 2019 and despite a wider 23.7% drop in foreign investment in Andalucia in that period.
The number of Andalusian companies exporting goods to the UK reached 1,087 in the first nine months of 2020, up 7.8% year on year and bucking an overall downward trend in the number of companies exporting to countries around the world.
Even so, the volume of UK imports of Andalusian goods and services dropped by 21.5% between January and September this year.
There was bad news in the tourism sector too, where the number of British visitors dropped by 78.1% to 537,072 in the first nine months of 2020, contrasting sharply with the 3m total for the whole of 2019.
The Junta’s report also pointed to a slight 2.2% year-on-year drop in the number of cross-border workers entering Gibraltar, although the figure recovered in October to 9,258.
The Junta noted too that between 2016 and 2019, the cross-border workforce employed in Gibraltar rose by 27.7%.