Telefónica boasts that it generates €49 billion in GDP

Telefónica claims it generates €49 billion in GDP in the countries in which it operates, and provides a plethora of others stats demonstrating its economic contribution, amongst other virtues.

Andrew Wooden

April 9, 2024

2 Min Read

According something called its Consolidated Management Report 2023, ‘the group's activity generated €49.145 billion in Gross Domestic Product (GDP) in the main countries where it was present in 2023.’

We’re not given a chart detailing exactly how this figure was arrived at in the press release, but it seems to be an amalgamation of things like supply chain expenditure and wider knock-on economic activity. The opening letter of the 620 page PDF the announcement links to quotes José María Álvarez-Pallete, Chairman of Telefónica as saying:

“Thanks to our business activity, in 2023 we generated over €49 billion in Gross Domestic Product (GDP) in our major markets and more than 10 jobs are created for every employee in the Company. Over recent years, we have consistently demonstrated an annual socioeconomic contribution, aligned with the SDGs of around €100 billion.”

In terms of the job creation mentioned above, the release claims that equates to 1.3 million jobs in total.

It also says that for every euro generated by its business, an additional 1.6 euros was gained through expenditure and investment, and in 2023 it made a total tax contribution of €7.58 billion – ‘in other words, 19 out of every 100 euros of its turnover went to tax payments.’

Its procurement volume meanwhile exceeded €23 billion, with over 83% of this going to local suppliers, we’re told.

Álvarez-Pallete added: “Our centenary serves to remind us of our unique legacy and vocation of service and commitment, a vocation that drives us to strengthen our business from both a financial and non-financial point of view. In this new era, Telefónica is uniquely positioned to bring together the best that technology and people have to offer. In this spirit we have raised our ambitions by updating several ESG targets.”

As well as economic data-points, there were a zillion other stats listed to highlight what it sees as wins in diversity and sustainability, including that the proportion of women executives reached 32.8% in 2023 with a target of 37% by 2027, and that it has reduced its operational emissions by 81.4% since 2015. There were many others.

Corporations usually leap at the chance to pat themselves on the back publicly where the opportunity presents itself, but Telefonica has certainly raised the bar in terms of the sheer number of boasts contained within one proclamation here.     

About the Author(s)

Andrew Wooden

Andrew joins on the back of an extensive career in tech journalism and content strategy.

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