bank of spain
May 7th, 2013
In March, the volume of debt which Spanish households had contracted with financial institutions reached 820,183 million euros, representing a decrease of 4.4% in a year, and putting it at its lowest level since May 2007. According to provisional data published by the Bank of Spain on Friday, the greater part ...
Continue reading Household Debt Falls to Lowest Level Since 2007
May 6th, 2013
The Spanish economy contracted moderately in the first quarter of the year, registering a decline of 0.5% quarter-on-quarter, while year-on-year its fall increased by one-tenth, to 2%, according to the Quarterly National Accounts data published last week by the National Statistics Institute. This data coincides with the estimates in the Bank ...
Continue reading Spanish Economy Decline Moderates to 0.5%
April 18th, 2013
Spanish investment in properties outside of the country sank in 2012, for the fifth consecutive year, while foreign investment in Spanish property rose 17% year-on-year, reaching its highest level since 2004. Compared with Spanish society’s loss of purchasing power and difficulties in gaining access to credit, foreign investors’ appetite for assets ...
Continue reading Foreign Investment in Spanish Property in 2012 Highest in 8 Years
April 10th, 2013
Despite the economic uncertainty surrounding the country and the global recession, foreign investors are continuing to put their confidence in Spanish real estate. In fact, according to statistics from the Bank of Spain, during 2012, international property investment in Spain grew by 17% to more than 5,445 million euros. However, this ...
Continue reading Spanish Property Continues to Attract Foreign Investors
April 2nd, 2013
According to the latest data from the Bank of Spain, Spanish borrowing dropped to 2,346 million euros in January, compared to the 4,640 million euros recorded in the same month of 2012, representing a decrease of 49% in the year. This is the aggregate balance of the current and capital accounts, ...
Continue reading Spanish Borrowing Down 49% from Last Year
March 20th, 2013
The Spanish Government’s entire public administration debt increased by 20.1% in 2012 compared to the previous year, and amounted to 884,416 million euros, which is equivalent to 84.1% of the gross domestic product (GDP), and the highest level of the entire historical series. In 2011, this figure was 736,468 million ...
Continue reading Spanish Government Debt Hit a Record 84.1% of GDP in 2012
February 11th, 2013
The European Commission and the European Central Bank (ECB) ruled last week that the financial reforms undertaken by Spain in exchange for the 40,000 billion euros bailout granted by the Eurogroup are maintaining a "good pace", but have called on the Government for "more progress" on fiscal consolidation and structural ...
Continue reading Brussels and ECB Call for “More Progress” on Fiscal Adjustment
January 30th, 2013
Spending by foreign tourists in Spain reached nearly 56,000 million euros in 2012, representing a 5.7% increase, according to data released yesterday by the Ministry of Industry. This is a new peak in the historical series, which has been measured since 2004, and has served largely to compensate for the ...
Continue reading Foreign Tourism Revenues Reached Record Highs in 2012
January 22nd, 2013
The net financial wealth of Spanish households – the difference between their savings and loans granted to them - rose by 5.5% in the third quarter of 2012, breaking the negative streak it experienced in the first two quarters of the year. According to data published yesterday by the Bank of ...
Continue reading Household Wealth Rises 5.5% in September
January 10th, 2013
Household debt fell again year-on-year in November, by 3.6%, to 840,792 million euros, which put it at levels recorded in 2007, before the crisis, according to the Bank of Spain. In relation to the previous month, family debt rose by 0.31%, marking the second monthly increase of the year after that ...
Continue reading Household Debt Fell by 3.6% in November
December 6th, 2012
According to the latest data from the Bank of Spain, household debt fell again in October, bringing it back to the levels registered before the crisis, in 2007. Specifically, household debt fell by 0.31% in the tenth month of the year, compared with the previous month, and totaled 838,072 million euros, ...
Continue reading Household Debt Back to Pre-Crisis Levels
December 3rd, 2012
The twelve-month Euribor, which is the indicator used in Spain to set the price of mortgages, closed November at a record low of 0.588%, which represents a decrease of 71% in a year, and will mean families, whose mortgages are due for review in December, could see their payments reduce ...
Continue reading Euribor Closes November at Record Low
November 2nd, 2012
According to recent data published by the Spanish Mortgage Association (AHE), mortgages are now 40% cheaper than four years ago when the Euribor reached the highest level in its history (above 5%), with an average mortgage now costing 3,420 euros less. In October 2008, the monthly payment for an average ...
Continue reading Average Mortgage is 40% Cheaper than Four Years Ago
September 21st, 2012
The default rate of banks, savings banks, cooperatives and credit institutions (EFC) operating in Spain is continuing to rise. In July it stood at 9.86%, which set a record for the second consecutive month after reaching 9.42% in June. According to data published by the Bank of Spain, outstanding claims in ...
Continue reading Loan Default Rate Nearing 10%
September 18th, 2012
9,502 house purchases were made by foreign residents in Spain during the second quarter of this year, representing an increase of 12% compared to the number of transactions recorded in the same period of 2011, and the highest figure since four years ago, when it reached 11,130 sales. One clear factor ...
Continue reading Home Buying by Foreigners Rises by 12%
