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The economic impact of COVID-19 on Spanish firms according to the Banco de España Business Activity Survey (EBAE)

Author

Listed:
  • Alejandro Fernández Cerezo
  • Beatriz González
  • Mario Izquierdo
  • Enrique Moral-Benito

Abstract

The COVID-19 health crisis had a highly uneven impact across sectors and regions in 2020. However, there is hitherto little evidence regarding the heterogeneous impact of the crisis on different firms within each sector and region. This article provides an initial description of the characteristics determining how severely firms have been affected by the pandemic. To this end, it uses the responses (just over 4,000) given in the first round of the Banco de España Business Activity Survey (EBAE), launched in November 2020. The results show that turnover and employment declined more markedly at smaller-sized firms. Moreover, within each sector and region, the crisis has had more adverse effects on younger firms, less productive firms and those located in urban areas. In the case of jobs, higher temporary employment ratios are associated with larger reductions in employment.

Suggested Citation

  • Alejandro Fernández Cerezo & Beatriz González & Mario Izquierdo & Enrique Moral-Benito, 2021. "The economic impact of COVID-19 on Spanish firms according to the Banco de España Business Activity Survey (EBAE)," Economic Bulletin, Banco de España, issue 1/2021.
    • Handle: RePEc:bde:journl:y:2021:i:03:d:aa:n:04
    Note: Analytical Articles
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/ArticulosAnaliticos/21/T1/descargar/Files/be2101-art04e.pdf
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    Citations

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    Cited by:

    1. Juan Laborda & Pilar Rivera-Torres & Vicente Salas-Fumas & Cristina Suárez, 2021. "Is there life beyond the Spanish government’s aid to furloughed employees by COVID-19?," PLOS ONE, Public Library of Science, vol. 16(6), pages 1-21, June.
    2. Segura, Anatoli & Villacorta, Alonso, 2023. "Firm-bank linkages and optimal policies after a rare disaster," Journal of Financial Economics, Elsevier, vol. 149(2), pages 296-322.

    More about this item

    Keywords

    COVID-19; business survey; employment; turnover.;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development

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