spanish economy
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 23rd, 2013
Moody's credit rating agency believes that new house prices in Spain will continue to decrease at least for the next five years, primarily related to the high level of housing 'stock' and due the situation of the Spanish economy and the lack of credit, the agency said in a statement. "In ...
Continue reading Housing Surplus Prices May Fall Until 2018, Says Moody’s
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 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?
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 13th, 2013
Vice President of the European Commission (EC) and head of Economic Affairs, Olli Rehn, said this week that Spain "must maintain the momentum" of the reforms undertaken in the economy in order to achieve stability and growth. In a press conference at the end of the Eurogroup meeting in Brussels, when ...
Continue reading Spain Must Maintain Momentum of Reforms, Says Rehn
February 7th, 2013
Consumer confidence in Spain rose significantly in January after December's slight decline, due to both the improved perception of the current economic situation and the expectations of improvement in the short-term. The Consumer Confidence Index (CCI) released on Monday by the Center for Sociological Research (CIS) stood at 55.7 points, ...
Continue reading Consumer Confidence Rebounds in January
January 23rd, 2013
Spain has once again been placed among the 20 most globalised economies in the world, after climbing a position after three years at No. 21 in the ranking prepared by Ernst & Young. However, this improvement has occurred even though their overall score (4.45 points) is "substantially similar" to that ...
Continue reading Spain Again Ranks Among the 20 Most Globalised Economies
January 1st, 2013
Following the Spanish Government’s last Council of Ministers meeting of 2012, Prime Minister Mariano Rajoy took stock of his first year in Government, saying "we must persevere in the reforms we have undertaken", and asked for "comprehension and solidarity" from citizens in order to overcome the economic situation, and stressed ...
Continue reading Rajoy Optimistic Over Spain’s Future
December 12th, 2012
The Minister of Economy and Competitiveness, Luis de Guindos, has said that the Spanish economy will end this year better than initially predicted, as the contraction of the GDP will be around 1.3% or 1.4%, compared to the 1.5% calculated by the Government. In an interview with RNE (Spanish National Radio), ...
Continue reading 2012 GDP Will Fall Less Than Expected, Says De Guindos
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
September 27th, 2012
The credit rating agency Standard & Poor's (S & P) said this week they expect the Spanish economy to contract by 1.8% this year, and by 1.4% next year, compared with their previous estimate, in July, of 1.7% for 2012 and 0.6% for 2013. The figures are more pessimistic than ...
Continue reading S & P Lowers Forecast for Spain
August 28th, 2012
Up to 221,188 people were affected in the first half of the year by the Government labour reform (ERE), with termination or temporary suspension, or by having to adopt a reduction in their working hours, a 48.6% increase over the same period of 2011. The number of affected in June ...
Continue reading Workers Affected by ERE Increased by 48.6% to June
August 16th, 2012
According to data released on Monday by the EU statistics office, Eurostat, the economy of the eurozone, and the European Union as a whole, shrank 0.2% in the second quarter compared with the first three months of 2012, when growth was zero in both zones. In annual terms, GDP in the ...
Continue reading EU and eurozone GDP Falls 0.2% in Second Quarter
August 9th, 2012
The Spanish economy will shrink by 1.4% both in 2012 and in 2013 because of persistent financial strains and lack of concrete solutions at the EU level, says the BBVA. They further predict that the unemployment rate will touch 26% next year and are calling for Europe to reduce the ...
Continue reading BBVA Revises Forecast for Spanish Economy
