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Companies in the aeronautic and aerospace industry in Galicia show higher levels of competitiveness, solvency, liquidity and profitability than the national average

In 2020 the aeronautics and aerospace value system (SVANAE) in Galicia generated gross value added (GVA) of 157.3 million euros and provided 3,331 jobs, according to the economic analysis report developed by the Ivie

During the V Aeronautical and Aerospace International Congress (CIAG) which was held in Lugo in February 2023, the Ivie presented the main results of the Economic and financial analysis of the aeronautics and aerospace industry in Galicia and Spain and its value system. The report, prepared by José Manuel Pastor, Manuela Pardo and Carlos Albert, examines the state of the aeronautics and aerospace industry (ANAE) and its future prospects. It also includes information on other companies that do not belong to the ANAE industry, but focus all or most of their activities on the industry, forming part of its value system (SVANAE).

Prior to the pandemic, the ANAE industry in Galicia was in full expansion. Between 2015 and 2019, its gross value added (GVA) increased by 44.8%, reaching €39.6 million, and its employment increased by 28% to 767 jobs. However, the pandemic caused a significant decline in the sector’s activity levels, falling to 18.1 million GVA and 592 jobs in 2020.

These figures rise considerably if the entire value system is considered, which includes companies that produce computer products, computer consulting, other transport material, machinery and equipment, architecture and engineering, etc. In 2020, the SVANAE in Galicia generated GVA of 157.3 million euros and provided 3,331 jobs.

According to the report, despite the decline in activity in 2020, Galician companies withstood the effects of the pandemic better than the industry at national level thanks to their higher levels of competitiveness, profitability, productivity per asset, solvency and liquidity and lower levels of indebtedness.

The document also includes qualitative information from a panel of experts on the challenges to be met and the longer-term outlook, among which can be highlighted the importance of public support both in terms of regulation by facilitating the installation of large companies and collaborating with funds so that they can meet the demands required by the industry. The experts also point to the need to maintain high technological capabilities, attract talent and prioritize sustainability as a differentiating factor.