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In 2022, Eurocaja Rural contributed with 923 million euros to Spain’s GDP and 14,252 jobs

According to the new report developed by Ivie, for every euro in loans granted by Eurocaja, €1.2 in income and €0.52 in tax revenue were generated in the Spanish economy

Eurocaja Rural has just released the results of the report carried out by the Ivie Impacto económico de Eurocaja Rural en 2022 (2022 Economic Impact of Eurocaja Rural). The study analyzes the direct, indirect and induced impacts, as well as those derived from loans granted by the credit union, which improve income, generate employment, increase tax collection and reduce financial exclusion.

According to the report, the activity carried out by Eurocaja Rural generated and/or maintained 14,252 full-time jobs, of which 1,150 are direct jobs and 660 are indirect or induced. The remaining 12,442 jobs, were created in 2022 by means of loans granted to companies and families. According to the report for every million euros granted, 19.8 jobs were generated.

In 2022, Eurocaja Rural contributed with 923 million euros to Spain’s GDP. This contribution was produced by the credit union’s direct spending and investment as well as its indirect spending and investment in suppliers, the income from these purchases, and the loans granted. This financing boosted the consumption and investment of families and the private sector, which in turn increased economic production, which serves as a lever that generates income in the Spanish economy, specifically €1.2 of income for every euro in loans extended.

The report takes into account Eurocaja Rural’s tax contributions, which resulted in the payment of 400 million euros. In this case, for each euro of loans granted, the study details that €0.52 of taxes were collected by the Spanish Public Administration.

In addition to the economic impact of Eurocaja Rural, the report reviews the institution’s efforts to promote financial inclusion. In 2022, Eurocaja Rural had a total of 436 branches, including offices and financial agencies. Taking into account data only on bank offices, Eurocaja Rural is the only entity with a bank office in 97 towns. These towns are home to 165,925 people who have physical access to banking services because of Eurocaja Rural.

The study was directed by Joaquín Maudos, Ivie Research Deputy Director, Professor of Economic Analysis at the University of Valencia and independent expert appointed by banking associations to monitor financial inclusion. Carlos Albert and Eva Benages, two economists from the Ivie and Universitat de València, also worked on the project.