While most segments of the Spanish economy fell into a sharp depression after the construction bubble burst, fishing companies increased their income to €805.1 million in 2012 or 3.8% versus 2009, and kept all the way unemployment rates below 12%.
Data recently published by the ministry of fishing affairs revealed the extent to which the Spanish fishing industry has defied one of the deepest financial crises the country has suffered since it gained European Union membership. It turns out the sector has weathered the past four years better than previously thought.
The economic value of the fishing industry’s business improved by 2.3% since 2009 to slightly above €4.5 billion, even though production fell by 2.8%. Between 2011 and 2013, some 1,000 jobs were lost but the percentage is far healthier than the national 28% with merely 11.3%.
The official figures show that only last year household consumption of fishing products began to recover, 2 percentage points comparing to 2012, spending a total of €9.1bn and buying 1.2bn of kilograms of fish. This would suggest there’s a potential growth margin when Spain restores its balance sheet.
During the last two years, exports have remained flat at €2.9bn, of which €2.4bn came from fish processing. Imports have lost strength, though, to €4.73bn in 2013 from €5.04bn in 2012, helping to somehow cut down the trade deficit of the industry.
The ministry also said that since 2008, taking the latest 2012 surveys into account, captures of sole and halibut have dropped by 33% to 15,481 metric tons, and 4.4% cod and hake fishing volumes to 116,751t. Catches of tuna increased to 238,915t by 14.2%, while octopus and squid did so by 8.5% to 53,784t.
Fresh fish production slipped down 3.1% to 349,709t in 2012 with an economic value of €751.2m. Frozen fish lost 1.9% to 391.171t or €656.7m.
The Spanish fishing fleet retained its third position in the European largest industry ranking thanks to its 10,116 vessels, whose average tonnage is 38.1 and surpasses that of the British, French and Italian counterparts.