The latest Catalan SME Annual Report 2026, published by business association Pimec on Monday 26th October 2026, reveals that small and medium-sized enterprises (SMEs) in Catalonia increased their productivity by 2.7% in 2024, reaching an average of €74,355 per employee. This marks a narrowing of the productivity gap with large companies, which stood at €93,405 per worker, down slightly by 0.1% from the previous year.

Presented by Oriol Amat, president of Pimec's SME Observatory, the report draws on financial data from nearly 80,000 Catalan companies registered in the Mercantile Registry. SMEs continue to dominate the region's business landscape, representing 99.8% of all companies, 65.7% of employment, and 60.4% of gross value added (GVA). However, their share of employment and GVA has steadily declined since 2020, when they accounted for 68.8% of jobs and 62% of GVA.

Services grow while industry declines

The report highlights a two-speed economy. The services sector expanded robustly, contributing 73.7% of SMEs' GVA, driven by a 6.1% year-on-year rise in output, a 2.2% increase in businesses, and a 2.2% rise in employment. In contrast, the industrial sector contracted, losing 2.1% of its SMEs, 0.5% of jobs, and recording a 0.7% drop in GVA. Amat linked the decline to struggles in large firms within agri-food and wine, sectors facing significant market challenges.

Despite the downturn, internationalisation remains a strength: 27% of industrial SMEs now export regularly, up one percentage point from 2023, and exports account for nearly 23% of manufacturing revenue.

Call for business growth law and fair conditions

Pimec president Antoni Cañete reiterated calls for the long-anticipated Business Growth Promotion Law, first proposed in 2025. "It is progressing adequately," Cañete said, "but since laws are made by governments… we hope there will be a concrete proposal very soon." He stressed that while seven in ten SMEs want to grow, only three succeed, citing structural barriers including lack of representation and policy bias toward large corporations.

"Decisions are made from the command centers that benefit specific interests. Spain needs SMEs to have their own voice,"

Cañete also criticised the national employers’ association Cepyme, calling it a "subsidiary" of large business interests rather than an independent SME voice. He welcomed Pimec’s recent inclusion in the State’s Economic and Social Council (CES) as a step toward greater representation.

Financial health strong but growth slowing

SME profitability remained healthy in 2024 at 12.2%, well above the Euribor rate of 3.3%. Self-financing is robust, with 57% of investments funded by own capital, up from 40% during the 2008 crisis. The average profit per company was €100,600, equivalent to 4.9% of revenue and around €9,400 per worker.

However, growth forecasts are moderating. Sales rose 5.5% in 2024, but Pimec expects this to slow to 4.5% in 2025 and 4.2% in 2026, citing rising energy costs, higher interest rates, and geopolitical tensions. Financial returns are projected to fall to 10% in 2026, the lowest since 2021.

Government response and sector challenges

Business and Labour Minister Miquel Sàmper, attending the report launch, acknowledged the need for SMEs to grow in size and resilience. "Catalonia needs its small companies to become medium, and medium ones to become large," he said, echoing remarks made at the Cambra Sabadell Awards the previous week. He highlighted the importance of vocational training (FP), calling for its prestige to match that of scientific and medical professions.

Sàmper also pointed to the agri-food and export sectors as key to overcoming external threats such as US tariffs and African Swine Fever.

Condemnation of weekend unrest

Cañete also addressed the weekend riots in Barcelona’s Plaça de Catalunya, stating: "We condemn what has happened. We demand measures without any wavering so that this does not happen again." Pimec has offered risk assessment support to affected businesses and urged authorities to protect the city’s economic image. Regarding the upcoming general strike on Wednesday 11th November, Cañete called for balanced respect for both the right to strike and the right to work.

Sources: viaempresa.cat, Ara.