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The ERTEs for Companies in the Real Estate, Hospitality and Leisure Industries Exceed the Average for the Economy as a Whole

The incidence of ERTEs in May in the hospitality, leisure and real estate sectors exceeded the average for all of the economic sectors as a whole, according to the Bank of Spain.

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In this way, in the hospitality sector, the hardest hit by the pandemic, almost 60% of jobs were affected, followed by leisure with more than 40% and real estate, in sixth place, with more than 15%. The data comes from a presentation made by Pablo Hernández de Cos, Governor of the Bank of Spain, entitled “The impact of Covid-19 on the Spanish economy”, to the General Council of Economists.

In the Bank of Spain’s annual report, which focuses on its analysis of the coronavirus crisis, the entity stresses that there is considerable uncertainty over what percentage of employees currently in ERTEs (almost 2 million people at the end of June) will end up retaining their jobs. That is the variable that will have the most impact on the dynamism of the real estate market.

Read the full story in Spanish.


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