Spain

Brief Chronicle Of Spain: A Bad Summer. A Worse Autumn?

Joan Tapia (Barcelona) | The figures of the Spanish economy were terrible in the second quarter. GDP plummeted by an outrageous 18.5% compared to the previous quarter, while the GDP of the euro area, despite suffering the biggest fall since reliable statistics have been available, fell considerably less, by 11.8%. And the loss of jobs in the same period was 7.5% in Spain compared to 2.9% in Europe.


Over 90% of foreign companies in Spain expect to increase or maintain their investment in 2020

Spain’s Foreign Trade Is Holding Out

Luis Alcaide | New outbreaks of coronavirus in the Altlantic area are dampening the optimism aroused by the second-quarter foreign trade figures. World trade, according to Dutch analyst Cpb, grew in volume by 7.6% in June compared to May, the largest increase since January 2000. Industrial production, also according to Cpb, increased by 4.8% between May and June after four months of decline.

Spain: More Uncertainty, More Saving

Not everything is falling in Spain. Uncertaint y has triggered a surge in savings and according to data from the Bank of Spain (BdE), Spanish household deposits, which rose by 0.08% in July compared to June, amount to € 892.8 billion, up by 7.13% when compared to the same month in 2019.


Spain: Foreign Trade Doing Well Enough

Luis Alcaide (Capital Madrid) | Spanish exports increased in June by 29.3% when compared with May and even higher when compared with March. However, in year-on-year terms, foreign sales fell by 9.2% compared with June 2019. We are still far from the figures before the coronavirus hit, but they mark an improvement when compared to the ones of the three months prior to June 2020, the period of confinement. On the other hand, in terms of purchases from the rest of the world, imports are also up on the previous months, confirming a recovery in demand. However, in year-on-year terms, imports fell by 20%. So in this import-export game, Spain’s traditional trade deficit turned into surplus in June.


Mind The European VAT Gap

The Four Major Euro Area Countries Account For 80% Of The GDP Decline In 2Q

Philippe Waechter (Natixis IM) | Germany and France account for 23-24% of the deterioration in GDP in the euro area, while Italy and Spain are each responsible for around 15%. The remainder of the euro area accounts for 21%. We note that the weighting of Germany’s contribution is lower than the weighting of its contribution to GDP for the euro area. The opposite is true for France and Spain, and this shows the extent of the turmoil in these two countries, particularly Spain.




Euronext is considering a takeover bid for the Spanish stock exchange

Euronext Is Considering A Takeover Bid For The Spanish Stock Exchange

Euronext is still studying the financial data of BME (Spanish Stock Exchanges and Markets), which could lead to a possible counteroffer for the Spanish Stock Exchange. This was acknowledged yesterday by Euronext Chief Executive Stéphane Boujnah during the presentation of Euronext’s annual results. The company insists that it has not taken a decision yet.

The agreement on the minimum wage and the relative success of the trip to Catalonia encourages the new government

The Minimum Wage And The Trip Of Sánchez To Catalonia Encourages The New Government

Joan Tapia (Barcelona) | The PSOE-Podemos Coalition Government has not failed to confront its two main challenges: economic policy and Catalonia. However, now comes the most important issue: to approve the national budget for 2020 for which it needs a vote in favour of ERC. This time the abstention of ERC is not enough, as in the case of the investiture, which was achieved in exchange for the establishment of a dialogue between the governments of Madrid and Barcelona.


Open Letter: “Mr. Zapatero, Stop Embarrassing Spain And The European Union” Asks A Spanish MEP

According to Spanish press (Periodista Digital, etc.) Beatriz Becerra, vice-chair of the European parliament’s human rights sub-committee and a member of the Group of the Alliance of Liberals and Democrats for Europe (ALDE Group), has published an open letter against the former Spanish President, José Luis Rodriguez Zapatero, of the Socialist Party (PSOE) after reading the message Zapatero sent privately to Juan Guaidó and other leaders of the Venezuelan opposition.