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Spanish economy 25th March 2024

Securities Market Commission requires Grifols to disclose EBITDA calculation

Banca March : The National Securities Market Commission (CNMV) announced that the review of Grifols’ accounts has detected some incorrect information – although it will not be necessary to restate the accounts – and is still pending the accounting analysis of the collaboration agreement with ImmunoTek, which could affect the profit and loss account. The regulator considers that the level of indebtedness is correctly reflected in the accounts and that…

Spanish economy 22nd March 2024

Seat chairman warns Spanish government: “employment and investments are at stake”

“I am worried about the political instability in Spain…. In addition, we have been waiting for a month for the government to keep the word that President Sánchez gave us at the Anfac Forum on the modification of the Moves purchase aid plan,” Wayne Griffiths, president of Seat SA, lamented yesterday during the presentation of the Spanish company’s results. Last year, Seat SA (comprising the Cupra and Seat brands) achieved…

Spanish economy 22nd March 2024

Spain boosts tax collection by 9% and reduces public deficit to 3.66%

Spain closed 2023 with a public deficit of €53.556 billion, €10.180 billion less than in 2022, equivalent to 3.66% of GDP, one point less, thanks to a record collection of €271.935 billion. Personal income tax collected €120.28 billion, 9.9 % more, due to the government’s refusal to deflate the rate and the growth in employment. Corporate income tax, on the other hand, collected €35.06 billion, up 9 %, thanks to…

Spanish economy 21st March 2024

Moody’s revises ratings of 15 Spanish financial institutions: from A2 on Santander to Baa2 on Sabadell

Moody’s has revised some ratings of 15 Spanish financial institutions following its assessment of “an improvement in operating and credit conditions in Spain, which has implied the upgrading of Spain’s macroeconomic profile to strong”. The decisions also take into account the revision of Spain’s rating outlook from stable to positive on 15 March. The agency upgraded the senior preferred ratings of CaixaBank and Ibercaja and revised the outlooks of several…

Spanish economy 21st March 2024

Rising labour costs in Spain (5.2% vs. 3.4% in eurozone) and economic policy uncertainty, Bank of Spain’s concerns

Banca March: Economic policy uncertainty and rising labour costs, the two concerns of the governor of the Bank of Spain, Hernández de Cos, who pointed out the need for greater regulatory quality and a strengthening of business confidence, in a political context in which companies are negatively impacted by the situation of uncertainty. All this, accompanied by an increase in non-wage labour costs -see graph- at the top of the…

Spanish economy 20th March 2024

Spain: Increase debt by 5% to increase GDP by 2.5% (with issued debt already at 137% of GDP)

Miguel Navascués| In 2023 the net debt issuance of the Kingdom of Spain was €72,878 m, 5% of GDP 2022. GDP grew by 2.5% in 2023 but with inflation it increases nominally more (€115,000 m) and the ratio falls to 109% of GDP. In reality, however, the debt issued is much higher, at 137% of GDP. Because the ‘official’ debt is 109.8% of GDP. But this figure is arrived at…

Spanish economy 19th March 2024

Immigrants – 8.8 million – account for 18.1% of population in Spain

In January 2024, the highest recorded number of foreign-born residents in Spain was reached, 8.8 million people, according to data from the Continuous Population Statistics, analysed by Funcas in the latest Focus on Spanish Society. This figure represents 18.1% of the population, one percentage point more than in 2023, distributed very unevenly among the autonomous communities. The highest percentages correspond to the Balearic Islands (27%), Catalonia and Madrid (24%), Melilla…

Spanish economy 18th March 2024

Moody’s upgrades Spain’s outlook from positive to stable for more balanced growth model

Bankinter| Moody’s with Spain’s credit rating at Baa1 raised its outlook to positive from stable. S&P maintained its rating at A with a stable outlook. Moody’s outlook upgrade is based on a more balanced growth pattern, low private sector leverage, a robust banking sector, a stronger labour market and current account surpluses. S&P maintained its credit rating and stable outlook on the back of “resilient” economic growth, although it notes…

Spanish economy 18th March 2024

In 2023, investment in fixed capital grew by 0.9% in the euro area and, in Spain, by 0.6%

Oriol Aspachs (Caixabank Research)| Investment is back in the spotlight. It is becoming increasingly clear that the rapid rate of technological change and the emergence of new countries with the capacity to compete globally, especially China, will leave those economies that fail to update their productive fabric behind. Moreover, this is happening in a context of growing distrust of multilateral institutions and, in general, between the various economic blocs. Even…

Spanish economy 18th March 2024

Spain’s public debt (€1.4 trillion) growing at 7.8%

According to data from the Bank of Spain (BdE), the debt of the State as a whole amounted in January to €1,422,968 million, a year-on-year increase of 7.9%. The regional governments increased their debt by 2.7% to €324,146 million. In turn, local corporations increased their indebtedness by 1.6% year-on-year in January to €23,212 million, while Social Security debt rose by 9.4% to €116,172 million. Finally, the debt of other central…

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