The leading indicator of the Consumer Price Index (CPI) for the month of June leaves the lowest inflation figure since April 2021. According to information published by the National Statistics Institute (INE), year-on-year inflation stood at 1.9% in June. If this figure is confirmed on 12 July, it would be more than one point lower than the figure recorded in May (3.2%). Yesterday morning, the Minister of Economy, Nadia Calviño,…
The Consumer Price Index (CPI) rose by 0.9% in February compared to the previous month and raised its year-on-year rate by one tenth of a percentage point, to 6%, due to the increase in electricity, package holidays and food, which saw their prices rise by 16.6% compared to February 2022 despite the measures taken by the government, according to the final data published on Tuesday by the National Statistics Institute…
Alicia García Herrero (Natixis) | Against the backdrop of the recent reopening after three years of zero-Covid policies, the Chinese government, in the last government report of Prime Minister Li Keqiang during the Two Sessions, has set a GDP growth target of around 5% in 2023. Such a target is lower than our growth forecast of 5.5% for 2023, and lower than last year’s government target (5.5%). This is somewhat…
Nothing like this has ever happened before since statistical data has been available. The sharp rise in food prices has caused an unprecedented drop in food consumption in Spain. Between November 2021 and the same month last year, sales fell by 8.8% in volume and by up to 2.5% in value. But, asks the daily El Economista, are the Spanish really eating less as a result of inflation? According to…
The digital newspaper El Debate publishes today an interview with Cesar Antonio Molina, Minister of Culture in the PSOE government of José Luis Rodriguez Zapatero. Q -It has come to our attention that several former PSOE ministers and deputies, both from the time of Felipe González and from the time of José Luís Rodríguez Zapatero, have signed a manifesto against the President of the Government, Pedro Sánchez, who is also…
The President of the Government, Pedro Sánchez, has announced the launch of a second call of the PERTE for the development of the electric and connected vehicle (EV) after the failure of the first call, where only 877.2 million euros out of a total of 2.975 billion euros have been allocated. Even so, the final figure is higher than the provisional resolution, where 600 million euros were earmarked. Initially it…
The Prime Minister of Portugal, António Costa, accompanied by the Chairman of Iberdrola, Ignacio Sánchez Galán, inaugurated on Monday the Tamega hydroelectric giga battery (Portugal), the largest project of its kind in Europe, with an investment of more than 1,500 million euros. The Alto Tamega hydroelectric complex is made up of three dams and, thanks to its reservoirs and, thanks to its reversible pumping capacity, it is capable of storing…
Crédito y Caución (Atradius) | In his second term, President Joko Widodo has continued to tackle economic reforms, such as infrastructure improvement to support the manufacturing sector and digital economy, reforms of the labour market and foreign investment rules. However, some key elements of his policy agenda remain contested due to vested interests. While Widodo has broad support in the House of Representatives, the wide range of political groups in…
The new leader of the Partido Popular (PP), Alberto Núñez Feijóo, has promised the President of the European Commission, Ursula von der Leyen, to fulfil “all the milestones negotiated by the Spanish Government” for the receipt of the Next Generation Funds, “even if Pedro Sánchez does not inform us of anything”. The meeting between the two focused “on Spain’s economic issues”, a serious concern for the PP and Brussels, since…
Caixabank Research | Surprisingly, GDP grew by 2.6% quarter-on-quarter and by 11.9% year-on-year thanks to the strength of private consumption and the recovery in tourism. This result suggests that our current forecast for GDP growth for the year as a whole (4.2%) may prove to be too conservative. However, given the risk of a deterioration due to the impact of the conflict in Ukraine and the cooling of demand from…