Archives for October 2012

October 31st, 2012

In response to a letter from the Secretary of State for European Affairs, Iñigo Méndez de Vigo, the Vice President of Justice for the European Commission, Viviane Reding, has confirmed that the "official position" of the EU executive is that if Catalonia becomes independent then it will be left out ...

Continue reading An Independent Catalonia Will Be Left Out of the EU, Says Brussels

October 31st, 2012

The Consumer Price Index (CPI) climbed one-tenth in October, bringing its yearly rate to 3.5% - which is its highest level since May 2011. This is shown in the leading indicator of the evolution of prices in Spain published yesterday by the National Statistics Institute. With the October data, the annual ...

Continue reading VAT Hike Takes Inflation to 3.5%

October 30th, 2012

According to the latest data provided by the tourism expenditure survey, Egatur, prepared by the Ministry of Industry, Energy and Tourism, in the first nine months of the year international tourists’ spending reached 45,106 million euros, representing an improvement of 7.2% over the same period in 2011, and five consecutive ...

Continue reading Foreign Tourists’ Spending Up 7.2% to September

October 30th, 2012

According to the 2011 Household Budget Survey published yesterday by the National Statistics Institute, the average expenditure per Spanish household amounted to 29,482 euros in 2011, which represents a decrease of 1% compared to 2010, and 3.5% in relation to 2006. The average spending per person last year amounted to 11,137 ...

Continue reading Household Expenditure Fell 3.5% Between 2006 and 2011

October 29th, 2012

At the end of a meeting held last week at Moncloa Palace with the leaders of the Spanish Tax Office, the President of the Spanish Government, Mariano Rajoy, thanked the professionals who work at the Spanish Tax Office for their efforts, describing them as essential "not only because of the ...

Continue reading Government has an Obligation to Stamp out Tax Fraud, says Rajoy

October 29th, 2012

According to data from the Labour Force Survey published on Friday by the National Statistics Institute for the third quarter, the unemployment rate in Spain has exceeded 25% for the first time, which means that one in four workers cannot find a job. The number of unemployed increased by 85,000 people ...

Continue reading Spain Sees Record Unemployment in Third Quarter

October 26th, 2012

According to provisional results from the National Statistics Institute’s Living Conditions Survey, more and more Spanish families are struggling to make ends meet as a result of the crisis. Specifically, the percentage of Spanish households in difficulty this year is declared at 12.7%, a figure which exceeds that registered in ...

Continue reading Crisis Wreaks Havoc on Spanish Families’ Finances

October 26th, 2012

The Costa del Sol overcame the test of a difficult summer better than anticipated. Although ten million fewer overnight stays were registered than in 2011 – 49 million compared to 59 million last year - the number of tourists increased by 1.8% to almost five million. And as these tourists ...

Continue reading Costa Del Sol Ends Summer with More Tourists and More Spending

October 25th, 2012

The crisis has boosted the number of Spanish youths (15-29 years) who neither work nor study nor are in training, known in Spain as 'ninis' and which the European Union has officially dubbed as NEETs (Not in Education, Employment or Training). In the latest report published by Eurofound, the European agency ...

Continue reading Crisis Increases Number of ‘ninis’ by 34%

October 25th, 2012

In a race to reduce their real estate portfolios, containing the bulk of their toxic assets, before the 'bad bank' starts operating in December, Spanish banks are boosting incentives for home purchases, offering discounts in some cases of over 50%. The phenomenon is not new and since the beginning of the ...

Continue reading Financial Institutions Rush to Sell Homes Ahead of ‘Bad Bank’

October 24th, 2012

According to a recent paper published in the journal ‘Nature Geoscience’, experts said that the earthquake which occurred last May in the Spanish town of Lorca, which left nine people dead, may have been triggered by decades of pumping water from a nearby natural underground reservoir. A team of scientists led ...

Continue reading Lorca Earthquake Man-Made, Say Scientists

October 24th, 2012

Spain is the country which has the fifth highest marginal rate of income tax in the world, after climbing to 52% in 2012, seven points higher than a year earlier, according to KPMG consultants’ annual study on personal income tax rates and contributions to Social Security. Only four countries, three of ...

Continue reading Spain’s Income Tax Fifth Highest in the World

October 23rd, 2012

Spain received a total of 6.2 million international tourists in September, which is 5.1% more than a year ago, and continues the rising trend maintained throughout the year. According to Frontur’s Survey of Tourists’ Border Movements released by the Ministry of Industry, Energy and Tourism, in the first nine months of ...

Continue reading Spain Gains 5.1% More Foreign Tourists in September

October 23rd, 2012

The number of new mortgages granted on homes stood at 21,106 in August. This is the lowest figure since the comparable historical series began in 2003 and, according to the National Statistics Institute, represents a decrease of 28.5% year-on-year. This latest figure marks 28 consecutive months of recorded decreases. Up until ...

Continue reading New Mortgages Fell by 28.5% in August

October 22nd, 2012

In September, the number of foreign citizens contributing to the Spanish Social Security system fell by 19,579 (-1.12%). In year-on-year terms, the number of foreign citizens contributing to the system continues to decline and is doing so at a far faster rate than the overall number of contributors. The year-on-year decline ...

Continue reading 1,728,836 Foreigners Contributed to Spanish Social Security System in September