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Employment

Spanish economy 5th December 2023

Unemployment, employment and propaganda: 562,466 permanent contracts signed in November, reducing unemployment by 24,573

One of the biggest problems in understanding the employment and unemployment figures in Spain is that the new definitions and classifications used by the Ministry of Labour hide very different realities from those they preach. Thus, as the trade union USO explains “In November, 1,356,293 contracts were signed. Over the whole of 2023, more than 14 million. Of these, 41.47% were signed as permanent contracts in November, nearly 600,000, for…

Spain has highest proportion of contracts of 6 months or less

In Spain 5th December 2023

Unemployment, employment and propaganda: November unemployment up 90,000 – not down 24,500 – counting 114,000 “fixed discontinuous workers who stopped working”

Unemployment fell in Spain by 24,573 people in November, in what has been the second largest fall in unemployment for this month excluding the pandemic, but this evolution is distorted because, after the labour reform, all workers with fixed discontinuous contracts who go into inactivity and even begin to collect a benefit, are not counted as unemployed. As the newspaper El Mundo explains, in November, a total of 114,000 people…

empleo españa

In Spain, Spanish economy 4th December 2023

Unemployment falls by 24,573 in November after three consecutive months of rises thanks to services sector

Bankinter| The number of unemployed fell by 24,573 in November (after 36,936 in October). This increase was mainly due to the services sector, which accounted for a large part of the fall in unemployment. With these figures, the total number of unemployed stood at 2,734,831 people (down 0.9% monthly and 5.1% year-on-year), its lowest figure for a month of November since 2007. For its part, Social Security lost an average…

pedro sanchez preocupado

In Spain 3rd December 2023

Bulk of EU funds stay in public sector

Until now, the public sector has been the main beneficiary of European Next Generation EU funds. After dodging the issue for several months, the government unveiled the list of the top 100 beneficiaries of these funds mid-afternoon on Friday, as the European Commission had demanded. And, according to the official statement from the Ministry of Economic Affairs, the major recipients of these funds have been public entities, as 60% of…

sanchez ursula

In Spain 3rd December 2023

Despite Next Gen funds, investment in Spain is falling, not rising

Francisco Vidal | Convergence with the main European nations in terms of levels of welfare and wealth has been one of Spain’s major objectives for longer than we would have liked, and the situation, far from improving, has worsened in recent times. In the year 2000, Spain’s real GDP per capita was equivalent to 95.6% of that of the current 27 EU countries as a whole; a figure that fell…

iberdrolacocheelectrico

In Spain 2nd December 2023

Iberdrola partners with BP to roll out 11,700 EV charging points by 2030 in Spain and Portugal

Renta 4| The company has announced an agreement with BP through which they will deploy fast-charging points for electric vehicles in Spain and Portugal with renewable sources. A total of 5,000 points will be installed by 2025, and 11,700 points by 2030 for which an investment of €1,000 million will be made. Assessment: Positive news with limited impact. No details have been provided regarding returns on investment, prices or other…

Eurozone banks deposit facility rate.

In Spain 1st December 2023

Loans to companies fall -4.3% year-on-year in Spain and -0.3% in eurozone, first decline since 2015

Santander| Slight improvement in lending to the private sector in October, although corporate lending is already contracting in the eurozone (for the first time since August 2015) and more sharply in the periphery. The ECB has now released eurozone private sector lending data, with a slight improvement in October to +0.4% YoY vs +0.2% in September, although this is a minimal rebound within its clearly downward trend since the peak…

IPC carburantes

Spanish economy 1st December 2023

Spanish CPI moderates to 3.2% in November, core inflation to 4.5%, narrowing the gap between the two

CdM| The Consumer Price Index cut its year-on-year rate by three tenths to 3.2% (compared to the 3.6% expected), thanks to lower fuel and package holiday prices, and a less pronounced rise in those of food, than that experienced a year earlier, Europa Press reported yesterday, according to data released by the National Statistics Institute (INE). On the other hand, electricity prices fell less than they did in November 2022….

OCDE recurso TC

In Spain 30th November 2023

OECD lowers 2024 growth forecast for Spain to 1.4% and calls for greater fiscal adjustment

The OECD has revised down to 1.4% its economic growth forecast for Spain in 2024, a figure well below the 2% expected by the government. In its half-yearly Outlook report published on Wednesday, the Organisation for Economic Co-operation and Development (OECD) sends a clear message to Pedro Sánchez’s new government: further budgetary adjustment is needed to keep public debt under control. The report stresses that “stronger and sustained fiscal consolidation…

sanchez elections

In Spain 29th November 2023

Foreign multinationals ask Sánchez for economic and regulatory stability to attract investment

Foreign multinationals established in Spain yesterday asked the Prime Minister, Pedro Sánchez, for a stable macroeconomic policy that is predictable and reduces the regulation that affects the work of companies, with the aim of attracting more foreign investment. The Multinacionales con España (Multinationals with Spain) association, which brings together around 60 large foreign companies operating in the country, presented the President of the Government, Pedro Sánchez, with a report on…