THE IMPACT IN SPAIN OF THE COVID-19 CRISIS ON THE FINANCIAL POSITION OF NON-FINANCIAL CORPORATIONS IN 2020: CBSO-BASED EVIDENCE
This article published by Banco de España not only describes developments in the profitability, solvency and liquidity of Spanish non-financial corporations, drawing on the integrated spanish CBSO database, which contains annual information up to 2019 but also analyses the impact of the COVID-19 crisis on the profitability and the solvency of the corporate sector in 2020, on the basis of various microsimulations.
The findings show on one hand that the decline in profitability appears to have been particularly steep in the SME segment and, especially, in the sectors hardest hit by the crisis. On the other hand the results show that the crisis seems to have prompted a sharp rise in the financial pressure borne by the firms, in addition to undermining, albeit more moderately, their solvency.
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