Archives for July 2012

July 31st, 2012

Annual inflation has risen three-tenths in July, to 2.2%, mainly due to the higher prices of medicines and other pharmaceuticals, taking it to its highest level of the year, pending the implementation of the VAT increase in September. According to Consumer Price Index (CPI) flash estimates, published by the National Statistics ...

Continue reading Medications Bring Inflation to Highest Level of the Year

July 30th, 2012

According to latest data released from the European Union Oil Bulletin, in the last week, prices of petrol and diesel have recorded increases of 1.9% and 2.9%, respectively, placing them once again near their maximum recorded prices. These increases come just before the start of the August holidays when, according to ...

Continue reading Fuel Prices Increase Again

July 30th, 2012

Unemployment rose by 53,500 people in the second quarter of the year over the previous quarter, a 0.95% increase, and put the total number of unemployed in Spain at 5,693,100, an unprecedented figure for the Spanish economy. The unemployment rate climbed at the end of June to 24.63%, almost two-tenths of ...

Continue reading Spanish Unemployment Reaches Record Levels

July 27th, 2012

Three out of four leading Spanish businesses have a negative view of the progress of the Spanish economy over the next twelve months, according to a survey carried out by Grant Thornton in the second quarter of 2012. The data collected showed that the countries in the south of the Eurozone, ...

Continue reading 75% of Spanish Companies Pessimistic Over Spain’s Economic Future

July 27th, 2012

Spain’s Minister for the Treasury and Public Administration Services, Cristóbal Montoro, said that "we must improve the credibility of Europe and its institutions", and defended the need to step up the reform of certain European bodies in order for them to act. The minister added that the economic crisis "has ...

Continue reading Europe and its Institutions need to be more credible, says Montoro

July 26th, 2012

The credit risk management agency, Moody's, has put the highest rating granted to the European Financial Stability Fund (EFSF), on negative outlook for a possible downgrade. Moody's justified their decision after putting on negative outlook for a possible downgrade to the sovereign debt of Germany, the Netherlands and Luxembourg, three ...

Continue reading Moody’s Puts Bailout Fund On Negative Outlook

July 26th, 2012

According to the latest report from property appraisers, Tinsa, house prices in Spain deepened their fall in the second quarter of the year, dropping by 11.5% compared to the same period in 2011. Increasing from a figure of 9.2% in the previous quarter. Most of the autonomous communities and provinces followed ...

Continue reading House Prices Continue to Fall in Second Quarter of 2012

July 25th, 2012

At the Google Science Fair finals in Mountain View, California, twenty-one of the world’s brightest young scientists gathered at Google’s headquarters yesterday to celebrate their achievements and present their projects to a panel of renowned judges. After presenting their project on a study of microscopic life in fresh water, three ...

Continue reading La Rioja Students Triumph at Google Science Fair

July 25th, 2012

According to the Spanish Mortgage Association (AHE), 6.63% of unemployed workers have been affected by mortgage foreclosure proceedings since the beginning of the crisis up to the end of 2011. The number of affected unemployed more than doubles the total percentage of households involved in foreclosures in this period, which stood ...

Continue reading Mortgage Foreclosures Down in 2011

July 24th, 2012

The international tourism figures are encouraging. According to the latest Frontur Survey of Tourist Movements, released yesterday by the Ministry of Industry, Energy and Tourism, foreign tourism figures continue to rise. In the first half of the year Spain received a total of 25.1 million foreign tourists, representing an increase ...

Continue reading More Foreigners Choose Spain for Holidays

July 24th, 2012

According to data released yesterday by the National Statistics Institute, the number of mortgages contracted on residential property in May stood at 26,007, representing a fall of 30.5% over the previous year. Together with the annual decline in May, the number of mortgaged homes accumulated 25 months of consecutive declines, although ...

Continue reading Residential Mortgages Fell 30.5% Year-on-Year in May

July 23rd, 2012

Spain’s present economic situation seems to be pushing citizens born in Spain to seek opportunities in other countries. Specifically, according to latest figures released this week by the National Statistics Institute, 40,625 Spanish left Spain in the first half of this year, compared to 28,162 in the same period of ...

Continue reading 40,625 Spanish Emigrated up to June

July 23rd, 2012

According to a study published on by JP Morgan, large private Spanish investors are the most optimistic in all of Europe about the future of the European Union. The study, based on 325 surveys, revealed that 92% of the Spanish participants considered that the eurozone will manage to avoid any defaults ...

Continue reading Spanish Investors Most Optimistic Over Future of Euro

July 20th, 2012

According to the latest data published in the European Union Oil Bulletin, the price per litre of petrol has increased by 0.2% this week, putting it above the 1.4 euros threshold for the first time in six weeks. Specifically, a litre of petrol now costs 1.402 euros, increasing in price by ...

Continue reading Petrol Prices Back to 1.4 Euros a Litre

July 20th, 2012

According to data from the Ministry of Development, the average price of housing stood at 1,606.4 euros per square metre in the second quarter, with a drop of 2.6% over the previous quarter and falling by 8.3% over the same period of 2011. This house price data reflects an acceleration of ...

Continue reading House Prices Return to 2004 Levels