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The "food and beverage" sector was responsible for the creation of 20% of the total number of new companies registered in Malaga province in 2023. Marilú Báez
Real estate and food and drink sectors lead the field for setup of new businesses in Malaga and on the Costa del Sol
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Real estate and food and drink sectors lead the field for setup of new businesses in Malaga and on the Costa del Sol

If the company creation figure by sector is analysed, around 20 per cent of the new companies registered in the province last year were involved in property sales (1,414 of the 7,105 total)

Cristina Vallejo

Malaga

Wednesday, 31 January 2024

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Malaga, including the Costa del Sol, was once again the leading Andalusian province in terms of company creation in 2023. It did so with a total of 7,105 new businesses set up, some 36.9% of the total number of companies created in the region as a whole (19,229) according to figures made public on Wednesday by the Andalusian Institute of Statistics and Cartography (IECA).

Additionally, compared to the figure for a year earlier, the creation of companies in Malaga province grew by 11.6%, above the regional average (11.2%). Although there were other provinces in the region where growth was higher, such as Jaén (13.9%) or Seville, which saw the largest increase in Andalucía, with the number of new companies in 2023 being 17.5% higher than in 2022.

If the company creation figure by sector is analysed, it can be seen that around 20 per cent of the new companies registered in Malaga last year were real estate companies (1,414 of the 7,105 total). Next, by number, are those officially classified as "food and beverage services", i.e. restaurants, bars and catering – responsible for 10% of the new companies created – with 753 new businesses in the province. The third most dynamic activity is construction, with another 10% of the new companies set up, i.e. 737 new businesses. This is followed by wholesale trade companies, with 614 companies born in 2023, 8.64% of the total. Meanwhile, new companies linked to programming, consultancy and computer-related activities accounted for 202, less than 3% of the total.

How do these figures compare with those of Andalucía?

The regional real estate sector is also the most dynamic within the productive structure of the region, as last year it was responsible for 13.3% of the companies set up (2,561 in total in Andalucía, so that the 1,414 in Malaga account for more than half of those created at the regional level). The hotel and catering industry is also the second most important sector for company start-ups in Andalucía, with 2,000 (i.e. 10%) of the 19,229 new companies. Wholesale trade is in third place, accounting for 9% of the total. This is followed by construction, with 7.85% of all new companies; Malaga accounts for almost half of all new companies created in the region, with 737 of the 1,510.

But while Malaga was the leader in company creation in 2023, it did not fare so well in other parameters. Despite being the province with the highest number of new companies created, it was not the area in which the most capital was invested to create these new companies. That place went to Seville: of the 916 million euros that the Andalusian private sector invested to start up new businesses last year, Seville was responsible for almost 40% of the total, almost 10% more than Malaga. The capital for the creation of 7,105 companies in Malaga last year was close to 290 million euros, while in Seville 4,838 new companies were launched with 358 million euros.

Malaga maintains its position in the number of new companies (in 2022 it created an identical 36.9% of the Andalusian total), but not in subscribed capital, as in 2022 it was responsible for 45.6% of all the money in the region that was mobilised for the creation of companies, i.e. almost 15% more than in the last financial year.

Malaga is also the Andalusian province with the highest number of extinct companies. Throughout 2023, some 1,268 companies disappeared out of the 3,901 that were liquidated in the whole region, i.e. 32%.

However, if we calculate the net creation of companies in the province, i.e. if we subtract the number of companies created from the number of those that were liquidated, Malaga had a total of 5,837 new companies last year, which again places the province first in the regional ranking, ahead of Seville (3,921), meaning that Malaga was responsible for 40% of the net new productive fabric in Andalucía last year.

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