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Brussels Upgrades Spain’s Growth Forecast To 5.9% And Debt To 119.6% Of GDP In 2021

BancaMarch | Brussels has upgraded Spain’s GDP growth forecast. The Commission’s new forecasts put Spain’s GDP growth at 5.9% in 2021 (5.6% previous estimate) and 6.8% in 2022 (5.3% previous estimate). So Spain would regain pre-pandemic GDP levels by end-next year. The improvement in the revision is a consequence of progress in vaccination and the disbursement of European funds, of which Spain is one of the major beneficiaries. To this…

In Europe 14th May 2021

Challenges For Europe’s Olive Oil Producers Continue To Stack Up

European Views | The third European conference on Xylella Fastidiosa last month brought together scientists from more than 60 countries to address the disease that become an existential threat to olive trees across the continent and to the European olive oil sector, which generates more than €5 billion a year and represents 67% of the world’s supply. This fatal plant disease, which hit particularly hard during 2020, tops off what…

In Spain 14th May 2021

Spanish Business Creation Soars 61.8% In March To Its Highest Figure In Almost 13 Years

The number of new companies registered its highest year-on-year increase in March since 1995, when the historical series began, with growth of 61.8%, to a total of 10,968 new firms. This is the highest figure in almost 13 years, according to data released by the National Statistics Institute (INE). With this year-on-year increase in March, the number of new companies created has now been positive for two consecutive months, after having risen by 3.1% in February.

The Bank of Spain warns pension spending will grow by 5 pct points of GDP by 2050 if 2013 reform is suspended

The Bank of Spain Proposes Reducing The Cost Of Dismissal And Adopting The Austrian Model

According to the Governor of the Bank of Spain, Pablo Hernández de Cos, NGEU funds may be used to facilitate the approval of structural reforms The setting up of a capitalisation fund for each employee to finance part of their severance pay in the event of dismissal is an example of a reform that is desirable for the economy as a whole, but costly for certain agents in the short run.

Featured News, World economy 13th May 2021

Tesla Stops Accepting Bitcoin Payments Due To Its Environmental Impact

Fernando Alberca | Tesla backs down on bitcoin. The electric vehicle manufacturer has suspended the use of bitcoin as a means of payment to buy its products. The reason for this decision was given on Twitter by the CEO of the company himself, Elon Musk, on Thursday May 13 shortly after midnight. “Tesla has suspended the purchase of vehicles with bitcoin. We are concerned about the rapid increase in the…

Cryptocurrencies like bitcoin have grown in popularity

Growth Of Crypoassets Does Not Threaten EU Banking Sector

Sam Theodore ( Scope Ratings) | Banks and investors are apprehensive that the growing presence of crypto assets (CAs) could shake the edifice of European banking, impacting core activities like lending, deposit taking, trading, and investments. Those concerns may not be entirely misplaced, especially for banks that are digital laggards, but they are for the sector in general. I am less concerned when it comes to banks that have made…

In Spain 12th May 2021

Spain | Unpleasant Arithmetic

Miguel Cardoso (BBVA Research) | The financial burden is currently approximately 2% of GDP. This means that, with a debt level of 120% of GDP, the government is paying an implied interest rate of 1.7%: a historic low. If the aim is to stabilize public debt at near-current levels, and assuming that both the primary structural deficit and economic growth remain constant, the interest rate would need to remain at approximately 1%. Although this is the current situation, it is temporary.

World economy 12th May 2021

Chile | A Robust 7% GDP Rebound Expected in 2021, But Political Uncertainty Has Increased

Crédito y Caución (ATRADIUS) | In October 2019, massive social riots broke out, due to a deep frustration among large parts of the population with growing inequality, rising costs of living and unequal access to public services. One of the protesters’ key demands was to reform the old Pinochet-era constitution, which they argued entrenched inequalities by putting the private sector in control of health, education, housing and pensions. Finally, the…

Amazon: When Everything Is 5 Star-rated

T.C. | An Internet database leak has uncovered a network of more than 200,000 people posting fake product reviews on Amazon in exchange for free product ratings. This was explained by the cybersecurity company SafetyDetectives, which discovered an open ElasticSearch database with a total of 13,124,962 records, weighing 7 GB, the researchers said in a statement. The database contained a server that hosted direct messages between various Amazon sellers with…

Ibex, In Spain, Markets 12th May 2021

ACS Is Awarded The Construction Of A ‘Green’ Railway Station In The UK For €660 M

ACS has been won, in consortium with the British company Mace, a contract valued at €660 M for the construction of a new high-speed train station in Birmingham (United Kingdom), which will not produce any polluting emissions once it comes into operation. Ferrovial is also present in HS2 after it took a 15% stake in the consortium led by France’s Eiffage in April last year, which has been awarded the construction of one of the sections of the line, a contract worth around €2.6 Bn.

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