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Spanish economy 3rd August 2022

Spain Welcomes 7.5 Mn Tourists In June, More Than triple vs yr-earlier

Spain welcomed 7.5 million international tourists in June, more than tripling the figure recorded in 2021 of 2.2 million, according to the National Statistics Institute on Tuesday. Tourism spending in June totalled 8.933 million euros, up 271.3% year-on-year. The UK was the country of residence of the largest number of visitors to Spain, namely 1.8 million, representing 24.2% of the total and a 1.165,9% increase on June 2021. Germany and…

Spanish economy 2nd August 2022

Spain: Car Sales Fall 11% In The First Half Of The Year

Last July 73,378 passenger cars and SUVs were registered in Spain, down 12.5% on the previous year and making it the worst July since 2012. Year-to-date sales are down 11% with a total of 481,135 units registered in 2022. Toyota, with 43,684 deliveries, leads the market. The new car registrations market in Spain is still in free fall and shows no signs of improving. In July, 73,378 passenger cars and…

Spanish economy 1st August 2022

Spain’s GDP Year-On-Year Change Stands At 6.3%

Preliminary GDP for 2Q2022 shows +6.3% YoY growth vs +5.5% YoY estimated by market consensus. In quarter-on-quarter terms it shows +1.1% q/q vs +0.4% q/q estimated by consensus. Bankinter’s analysis team’s opinion:Preliminary data better than expected. After the slowdown in 1Q2022, the second quarter has been favoured by the recovery of Services activity and international Tourism. In our Q3 2022 Strategy we revise the projections for the year to +4.0%…

Spanish economy 29th July 2022

Unemployment Falls By 255,300 In The Year To June To 12.48%

Unemployment fell by 255,300 people between April and June this year, the largest decline for a second quarter since 2018, and the number of unemployed fell below three million for the first time since 2008.Meanwhile, employment rose by 383,300 jobs between April and June, up 1.91% on the previous quarter, although this is lower than the 464,900 increase in workers recorded a year ago. At the end of June, the…

Spanish economy 28th July 2022

Santander Reports Underlying Attributable Profit Of €4,894 Million, Up 16% For The First Half Of 2022

Banco Santander achieved an underlying profit of €4,894 million in the first half of 2022, up 16% in current euros versus the first half of 2021. Attributable profit, which was impacted by restructuring charges of €530 million in the same period of 2021, was up 33% in current euros. In the second quarter alone, attributable profit was €2,351 million, up 14% in current euros and 2% in constant euros. Underlying…

Spanish economy 26th July 2022

Telefónica Sells 45% Of Its Rural Fibre To Natixis And Crédit Agricole For More Than 1 Billion Euros

Vauban and Predica, which submitted their binding offer for the asset on Tuesday 19 July, had made the best proposal and had been negotiating since Thursday to iron out the details of the deal. The price of 1,021 million euros paid by the buyers for 45% of the capital values 100% of the company at US$2,561 million, which Telefónica says is “an implied multiple of 27.1 times the company’s pro…

Spanish economy 22nd July 2022

The Government Will Explain Today The New Tax On The Banking Sector

The Government plans to hold a meeting this Friday with representatives of the banking sector in which it will address, among other issues, the new temporary tax on the sector announced by the President of the Government, Pedro Sánchez, which will last for two years and will seek to raise a total of 3,000 million. Although the meeting does not revolve around this extraordinary tax, the details of which are…

Spanish economy 21st July 2022

The Spanish Government Refuses To Reduce Gas Consumption By 15%, As Demanded By Brussels

Teresa Ribera, Minister for Ecological Transition, has lashed out harshly against the Brussels plan to force EU countries to reduce gas consumption by 15% during the autumn and winter months. According to Ribera, this plan is “neither the most effective, nor the most efficient, nor the fairest”. “We have strategic reserves. We have done our homework. We have achieved a very solid position” in terms of security of supply, said…

Spanish economy 21st July 2022

Spain Breaks Historic Record For Real Estate Investment, With 9.87 Billion Euros In The First Half Of The Year

Real estate investment in the first six months of the year in Spain amounted to 9,870 million euros, 80% more than in the same period last year, and the first half closed with the best data since historical records started, according to CBRE data collected by Europa Press. The retail sector (shops) led investment in this period, with a total volume traded in excess of 2,900 million euros, 8 times higher…

Spanish economy 20th July 2022

Moody’s Maintains Spain’s Credit Rating (Baa1) With Stable Outlook

Bankinter | The agency points to the resilience of the economy and public support in the pandemic. In the short term, it warns that the risk of “rising inflationary pressures and economic slowdown” prevail in an environment of high uncertainty. Moody’s projections for the Spanish economy are GDP +3.5% in 2022e, +1.6% in 2023e and +2% in 2024e. Average inflation of 8% in 2022e, +3.4% in 2023e and 2% in…

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