spanish economy

Around 500 ERTES Now Affect More Than 1 Million Workers In Spain

The rapid spread of the coronavirus in Spain is sparking a decline in activity for many companies, beyond just the shops, bars and restaurants which have been forced to close. Some giants such as SEAT, Volkswagen or Burger King have announced that they are going to launch temporary layoffs (so called ERTEs) to deal with the situation. The Spanish government calculates that the extraordinary measures already activated could affect up to one million jobs.


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.


Spanish tourism in the Mediterranean: the re-emergence of Egypt, Tunisia and Turkey altered the playing field

Spanish Tourism In The Mediterranean: The Re-emergence Of Egypt, Tunisia And Turkey Altered The Playing Field

CaixaBank Research | Spain’s boom in international tourism between 2011 and 2016 coincides with a long period of instability suffered by Egypt and Tunisia following the Arab Spring of 2010, as well as the episode of insecurity suffered by Turkey between 2015 and 2016. This reduction in competition for Spain helped its number of international tourist arrivals to rise at a considerably fast rate of 6.1% per year. This beneficial situation for the Spanish market came to an end in 2018 as we explain here.


The talks on Catalonia’s future will neither fly nor sink

The Talks On Catalonia’s Future Will Neither Fly Nor Sink

J.P. Marín Arrese | Both parties at the negotiation table are fully aware the bilateral talks will lead nowhere. Madrid cannot concede self-rule to Catalonia. Its independentist counterpart won’t accept anything short of that. Thus, discussions will become bogged in shallow waters, unable to provide the slightest chance to float. Yet, they will neither collapse nor sink, as long as the pragmatic ERC Party holds the line.

Bankia earnings 23% down in 2019

Bankia Earnings 23% Down In 2019

Bankia’s results were much better than market expectations, however, there are some uncertainties about its share price. The bank has achieved a profit of € 542 million, 23% less, with experts expecting a greater adjustment due to the bank’s efforts to get rid of unproductive assets.


Spanish foreign tourism hits new record with 83.7 M visitors in 2019 and a spending rising 2.8%

Spanish Foreign Tourism Hits New Record With 83.7 M Visitors In 2019 And A Spending Rising 2.8%

Bankinter | According to INE (Spanish Statistical Office) 83.7 million foreign tourists visited Spain last year, an increase of 1.1% over 2018. Their spending also broke a record, rising 2.8% to €92.278 million. Among the main tourist destinations, the ones that did well were Madrid +7,0%, the Autonomous region of Valencia +3,9% and Andalusia +3,4% and the ones that didn’t were The Canary Islands -4,4% and the Balearic Islands -1,2%.


End of cycle for employment in Spain?

End Of Cycle For Employment In Spain?

Unemployment rose in January by 90,248 people and the Social Security system lost 244,044 members, the worst figure since 2013, when Spain was trying to emerge from the crisis. All the Autonomous Communities, except for the Balearic Islands, have seen the unemployment rate rise in all sectors except construction, so some Autonomous Communities already have more unemployed than in 2019.


13% of Spanish employed people are searching another job, the highest rate in Europe

13% of Spanish Employed People Are Searching Another Job, The Highest Rate In Europe

Randstad, the leading human resources company in Spain and worldwide, has developed a study on the rate of employed people who are actively seeking another job. For this, it has analyzed the data of its last Workmonitor study corresponding to the fourth quarter of 2019, based on more than 13,500 surveys of working professionals from 33 countries