eurozone
June 5th, 2013
Annual inflation in May was up three tenths from April and stood at 1.7%, according to the flash indicator of the Consumer Price Index (CPI), published by the National Statistics Institute on Friday. This increase in the annual rate is mainly a consequence of the rise in the prices of food ...
Continue reading Annual Inflation Up Three Tenths in May to 1.7%
April 16th, 2013
According to data released on Thursday by the EU statistical office, Eurostat, housing prices in Spain fell 12.8% in the fourth quarter of 2012 compared to the same period of 2011 - a negative percentage placing the country at the head of the European Union (EU), where house prices fell ...
Continue reading Spain Leads Drop in Housing Prices in the EU
April 8th, 2013
According to figures released last week by the European Union statistical office, Eurostat, retail sales in the eurozone fell by 0.3% in February compared to January, when they experienced an increase of 0.9% (corrected data, down from an initial estimate of a 1.2% rise). Compared with the same month last year, ...
Continue reading Eurozone Retail Sales Down 0.3% in February
March 22nd, 2013
The Spanish Minister of Economy and Competitiveness, Luis de Guindos, said last Friday that the Government will introduce changes in the Spanish legislation which regulates evictions, in order to comply fully with the recent judgement of the European Union Court of Justice. On his arrival at the eurozone heads of Economy ...
Continue reading De Guindos Vows to Fulfill EU Ruling on Anti-eviction Law
March 13th, 2013
Tourism, one of the two engines buoying the Spanish economy, is beginning to show signs it is being affected by the eurozone recession and has now registered four consecutive months of declines in the number of foreign tourist arrivals, with the exception of the ‘zero growth’ registered for November. The negative ...
Continue reading Is the EU Recession Affecting Spanish Tourism?
March 8th, 2013
The statistical office of the European Union (Eurostat) confirmed this week that the eurozone economy contracted by 0.6% in the fourth quarter of 2012, compared with the previous three months. Year-on-year, the gross domestic product (GDP) fell by 0.9%, which is in line with the first estimate and forecasts of the ...
Continue reading Eurozone GDP Fell 0.6% in Fourth Quarter of 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 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
February 5th, 2013
In the third quarter of 2012, the price of housing in Spain registered a drop of 15.2% year-on-year, which is the biggest drop recorded among all the European Union countries, which experienced an average decrease of 1.9% compared to the same period in 2011. These results are taken from data published ...
Continue reading Spain: Biggest Annual House Price Drop in Europe
December 28th, 2012
The twelve months Euribor, the indicator used to calculate mortgages, is expected to close 2012 at a record low, with an average rate of around 0.550%, the lowest in its ten year history. Although a couple of trading days remain, if the data is confirmed at the end of December, the ...
Continue reading Euribor Set to End Year Three Times Lower Than 2011
December 26th, 2012
In a video posted on the official website of the European Council, the Council President, Herman Van Rompuy, said that "2012 marked the turning point" to exit the financial and economic crisis affecting the eurozone. Van Rompuy stated: "We are at the end of the year and it is time ...
Continue reading 2012 Marks “Turning Point” in Crisis, Says Van Rompuy
December 4th, 2012
The President of the European Central Bank (ECB), Mario Draghi, said on Friday that the eurozone crisis is not yet over and that it will be late next year until the EU economy begins to show signs of improvement. Draghi said "short-term fiscal consolidation is inevitable" but stressed that “economic recovery ...
Continue reading Draghi Sees Economic Recovery in Late 2013
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 28th, 2012
According to the latest forecasts from the Organisation for Economic Cooperation and Development (OECD), the Spanish economy will record a contraction of 1.3% in 2012 which will worsen next year to 1.4% as a result of the fiscal consolidation measures and the expected slowdown in the eurozone as a whole. ...
Continue reading OECD Predicts Tougher Times Ahead for Spain
November 19th, 2012
According to data released on Thursday by the European Union Statistical Office, Eurostat, the Gross Domestic Product (GDP) in the eurozone fell 0.1% in the third quarter of the year compared to the previous three months, when the fall was 0.2%. Spain shrank by 0.3% in the third quarter due ...
Continue reading Eurozone GDP Shrinks 0.1% in Q3 and into Recession
