Archives for February 2013

February 28th, 2013

The Prime Minister, Mariano Rajoy, announced on Tuesday that Spain closed 2012 with a deficit of 6.7% of GDP, while in structural terms the deficit has lowered by 3.5 percentage points. The figure is lower than expected by the European Commission on Friday, although it notes that Spain will not ...

Continue reading Rajoy Announces Spain’s 2012 Deficit at 6.7% of GDP

February 28th, 2013

The Spanish Economy Minister, Luis de Guindos, has reiterated the Government's intention to cut taxes in 2014, combining efforts to reduce the deficit with measures to boost growth and get Spain out of recession. In an interview with Reuters earlier this week, De Guindos said that the Stability and Growth program ...

Continue reading Government to Lower Taxes in 2014, Says Economy Minister

February 27th, 2013

The Spanish Government announced their approval last week of over 50 measures to support entrepreneurs and stimulate growth and the creation of employment. They have also modified legal fees and brought forward the entry into force of free legal aid for certain groups of people. Vice-President of the Spanish Government, Soraya ...

Continue reading Government Approves Measures to Aid Youth Employment

February 27th, 2013

According to data from the National Statistics Institute published yesterday, only 274,715 mortgage loans in total, were signed for home purchases during the past year, which is 32.7% fewer than in 2011. This represents the largest drop in mortgage transactions since the bursting of the housing 'bubble' and stands far ...

Continue reading Mortgage Transactions Fell 32.7% in 2012

February 26th, 2013

Carrying out the threat they made in November last year, Irish airline, Ryanair, has announced that, in direct response to the increases in airport charges implemented by Aena both in 2012 and 2013, they are to reduce the number of flights they operate in Spain by 12%. In a press ...

Continue reading Ryanair Cuts Spanish Routes in Protest at Increased Charges

February 26th, 2013

According to the latest tourist border movements survey data released on Friday from Frontur, Spain received 2.7 million foreign tourists in January, which is 2.6% less than a year ago. Italy was the source market that most contributed to this decline, with 68,000 fewer tourists visiting Spain, representing a drop ...

Continue reading Spain Received 2.7 Million Foreign Tourists in January

February 25th, 2013

Motor fuel prices have marked four consecutive weeks of increases, reaching their highest prices so far this year, with petrol hitting 1.5 euros per litre and diesel at 1.4 euros for the first time since October last year, according to data collected from the European Union Oil Bulletin. Specifically, a litre ...

Continue reading Fuel Prices Highest Since October

February 25th, 2013

According to the latest figures from the Ministry of Employment and Social Security, the Spanish Social Security System lost 45,495 foreign contributors in January, representing a decrease of 2.76% compared to December, and putting the total number of immigrants employed at 1,600,355. Taking into account the drop in numbers in January, ...

Continue reading Foreign Social Security Contributors Down 2.76% in January

February 22nd, 2013

Despite the economic recession in Spain, the results posted by the Spanish trade balance are positive for 2012 as a whole because of the increased competitiveness of Spanish exports, mainly thanks to falling unit labour costs, an increasing number of export companies and a focus on new markets. The value of ...

Continue reading Spain’s Trade Deficit Fell by 33.6% in 2012

February 22nd, 2013

In 2012, despite the end of tax incentives for home purchases, 319,058 home sales transactions were carried out, 11.3% fewer than in 2011, and a more moderate decline than registered in the previous year, of 17.7%, and in 2008 and 2009, coinciding with the crisis in the sector. According to ...

Continue reading Sales of Homes Moderates Fall to 11.3% in 2012

February 21st, 2013

The President of the European Central Bank, Mario Draghi, said on Monday, before the European Parliament, that economic weakness will prevail in the eurozone in early 2013, but that he foresees a gradual recovery throughout the year. During his speech, Draghi warned that any relaxation of fiscal adjustments would jeopardise economic ...

Continue reading Draghi Insists Eurozone will see Gradual Recovery During 2013

February 20th, 2013

Between early 2008 and late 2012, a total of 390,206 Spanish have left Spain to work, or accompany a family member who has emigrated for work, according to a report by Swiss multinational human resource consulting company, Adecco, using data taken from the Electoral Census of Spanish Residents Abroad (CERA), ...

Continue reading 80,000 Spanish Emigrated for Work in 2012

February 20th, 2013

According to data released on Monday by the Institute of Tourism Studies (IET), governed by the Ministry of Industry, Energy and Tourism, ‘low-cost’ airlines carried 1.6 million passengers in January, representing a fall of 4% over the same month last year, while the traditional airlines carried 1.5 million passengers during ...

Continue reading Budget Airlines’ Passengers Down 4% in January

February 19th, 2013

New business activity is beginning to recover slightly. According to data released on Monday by the National Statistics Institute, 87,066 new commercial companies were created in Spain last year, which is the highest figure recorded in the last four years, and a 2.7% increase compared to 2011. However, the data ...

Continue reading More New Companies Created in 2012

February 19th, 2013

The average price of renting a home in Spain rose by 0.2% during January, compared with the same month last year, according to data from the National Statistics Institute collected by Servimedia. The increase in rental prices lies at 2.5 points below the overall CPI, which stood at 2.7% in January. ...

Continue reading Rents Increased by 0.2% in January