Given the relevance that data is acquiring as an economic asset in an environment of digitalisation and development of new technologies, the Valencian Institute of Economic Research (Instituto Valenciano de Investigaciones Económicas – IVIE) has published the report “La economía del dato en la Comunitat Valenciana” (The data economy in the Valencian Community), in collaboration with Inndromeda.

Although the bulk of the study focuses on this autonomous region, its authors have also analysed developments in the rest of Spain in order to establish a comparison. The main objective is to measure the data economy, its progress and the economic impact it generates.

National and regional figures
Investment in data in Spain did actually reach 17.85 billion euros in 2022. Among the four autonomous regions analysed, Madrid recorded 6.4 billion euros, followed by Catalonia with 3.7 billion euros. After these regions, the Valencian Community recorded 1.2 billion euros and the Basque Country recorded 1 billion euros.

The Madrid region accounts for 35.7% of total investment in data and 43% of investment in intangible assets. However, its share has fallen by five points since 2011, a period in which Valencia went from 5% to 6.7%, while Catalonia grew by 2.1 points and the Basque Country by 0.3 points.

Non-tangible assets
In relation to Gross Domestic Product, investment in these intangible assets represents 1.3% in the country on average, with the figure in Madrid standing at 2.4%. It represents 6.6% of the total investment in Spain, being 4.7% in Valencia and 10% in Madrid.

In 2021, 4,511 companies in Spain reported having a corporate purpose related to data. 29.7% of these were in Madrid, creating 58.9% of jobs, while 22% were located in Catalonia and created 13.7% of jobs. In the country as a whole, the percentage of employees at data companies reached 1.3%, an average that was only surpassed by Madrid, with 2.5%, and the Basque Country with 1.8%.

Investing industries
Finally, the industries that invest the most in data are information and communications (38.3%), professional activities (18.8%), public administration, defence, education and health (13.7%) and financial and insurance activities (9.8%).

^{Photo: IVIE}