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For every million euros granted in loans by Cajamar, the equivalent of 18 jobs are created

El Ivie elabora un informe que cuantifica el impacto en términos de valor añadido (PIB), empleo y retorno fiscal de la actividad del Grupo Cooperativo Cajamar en España

The consumption and investment financed by the Cajamar Group has generated an impact on the Spanish economy of 5,803 million euros of income (0.52% of Spain’s GDP) and more than 105,000 jobs (0.62% of the country’s employment), according to the report developed by the Ivie, Impacto económico del Grupo Cooperativo Cajamar 2020 (Economic Impact of Cajamar Cooperative Group 2020). The study shows that for every million euros granted in loans by the entity, the equivalent of 18 jobs are created. In addition, for every euro lent in loans, 0.98 euros are generated of income for the Spanish economy and 0.38 euros of tax collection. In sum, the economic activity created thanks to the loans granted in 2020 by the Cajamar Cooperative Group amounts to 2,281 million euros.

Regarding the regional distribution of the impact, proportional to the volume of activity of the entity in the different regions, the Valencian Community concentrates around 30% of the impacts, followed by Andalusia with 27% and Murcia with 17%.

In addition to the impacts generated thanks to the loans granted by Cajamar, the activity of this cooperative financial group, derived from its operating expenses, contributes 747 million euros, 12,080 jobs and 168 million euros in the form of taxes.

According to Joaquín Maudos, Ivie Research Deputy Director and co-author of the report along with Ivie economist Eva Benages, “the results prove the important contribution of the Cajamar Cooperative Group to the generation of wealth in the Spanish economy, especially meaningful in a year as difficult as 2020”.

In 2020, the Cajamar Cooperative Group granted a total of 5,944 million euros in loans to companies and families. In the case of companies, for which 4,799 million euros were provided, the sectoral breakdown shows that 44.7% went to the services sector, 25.9% to agriculture, livestock and fishing, 22% to manufacturing, 5.4% to construction and 1.9% to energy. In the case of families, the loans granted reach the figure of 1,145 million euros, of which 89% went toward the purchase of a home.

Eduardo Baamonde, President of Cajamar, released the results of this report at the Ordinary General Assembly of the entity, in which the Annual Accounts for the year 2020 were approved.