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Spain tourism

In Spain 4th October 2023

The most profitable tourism campaign in history: 20.2 million foreign visitors and €27,381 million

The average expenditure per tourist has consolidated this summer at over 1,300 euros, the highest figure since the National Statistics Institute (INE) has been recording data. Foreign tourism this summer (July and August) has left €27,381 million in cash, according to the information provided by the INE in the Tourism Expenditure Survey (Egatur), which released the data for the month of August this Tuesday, when a total of 10.1 million…

Spain, Nadia Calviño

In Spain 3rd October 2023

Brussels unlocks third tranche of EU aid for Spain, another €93.5 billion

The European Commission (EC) has endorsed the addendum to the extension of the Recovery Plan and accepts that Spain replaces the commitment to charge for the use of motorways with an increase in rail freight transport. Thus, the EC has given its approval to the addendum to the extension of the Recovery Plan by which Spain requests another €94 billion, between credits and aid, from the Next Generation programme and…

Spain ratings

In Spain 2nd October 2023

Sovereign wealth funds like Spain

In 2022, these funds carried out 11 deals in Spain, a record number that equalled the peak reached in 2014. These deals, worth a total of up to €2.9 billion, are as large as those recorded in 2009, when IPIC (now Mubadala) acquired its first major stake in CEPSA. The first quarter of 2023 also showed strong activity, especially with NBIM’s collaboration with Iberdrola in renewable energy and Mubadala’s CEPSA…

spains economy

In Spain 29th September 2023

Spanish 10-year bond yields above 4% for first time in nine years

The Spanish bond maturing in ten years exceeds 4% for the first time since January 2014 and pushes the entire Spanish debt curve in the longer maturities. In fact, all sovereign debt over ten years is already above 4%. The new high seen in Spanish debt coincides with the publication of new inflation data in Spain. The consumer price index (CPI) jumped to 3.5% in September, two tenths more than…

Spanish mortgages market

In Spain 28th September 2023

Mortgages granted in July in Spain fall by -18.8% year-on-year, average interest rate rises

Santiago Martinez (Ibercaja) | The number of mortgages granted in Spain fell by -18.8% year-on-year in July, the average amount by -2.1% (to €143,412) and the total amount granted by -20.9%. These data are in line with what we have been seeing throughout the year, an expected correction from levels that were considered unsustainable after the emergence of pent-up demand during the pandemic, as well as changes in buyer preferences…

EU ruling on Spanish floor clauses

In Spain 28th September 2023

EGC upholds tax aid to Spanish companies for purchases abroad originally struck down by Brussels

The General Court of the European Union has ruled that the tax incentives approved by the government of José María Aznar in 2001 for companies to deduct indirect purchases of shares abroad are legal. This incentive was approved with the aim of allowing national companies to grow abroad. The Executive then allowed companies, including large firms such as Banco Santander, Axa and Prosegur, to deduct the goodwill generated by the…

pensiones playita

In Spain 27th September 2023

Spain’s pension spending reaches record €12,051 million in September, up 10.9%

Spending on pensions reached €12,051 million in September, 10.9% more, setting a new record. This is because, in application of the pension reform, pensions have risen by 8.5% by 2023 as a result of average inflation for the period December 2021-November 2022. Following the rise in pensions in line with the CPI applied since the beginning of the year, the average retirement pension increased in September by 9.5% year-on-year to…

Banco Santander

In Spain 27th September 2023

Santander raises dividend and announces €1,310-million buyback

Banco Santander will pay a cash dividend on account of 2023 earnings of 8.10 euro cents per share, an increase of 39% compared to the same dividend last year, it was announced late on Tuesday. It will also launch a share buyback programme for an approximate amount of €1,310 million, subject to regulatory approval. Since 2021, Santander has repurchased more than 7% of its shares in circulation through share buybacks….

Iberia grows more than IAG´s other airlines, while Brexit is debated

In Spain 27th September 2023

Vueling agrees 4.5% pay rise by 2022 for cabin crew

Banco Sabadell: According to press reports, Vueling, which represents ~7.5% of IAG’s employee cost, has reached a wage agreement with its cabin and office crew, who in turn make up 69% of the company’s total employees, establishing a +4.5% increase for 2022 and an annual non-consolidated payment of 0.8%. In addition, for 2023, an increase of +3%, which could rise to +4% under certain unpublished conditions, and an annual non-consolidated…

Bank of spain new

In Spain 26th September 2023

Spanish banks’ NPLs remain at 3.50% in July, despite stock of credit falling by -3.09% year-on-year; BBVA, Sabadell and Caixabank, top picks

Bankinter : According to the latest data published by the Bank of Spain, the preliminary figure for non-performing loans remained at 3.50% in July, similar to June’s figure and compared to 3.85% in July last year, despite the adverse denominator effect of the fall in the stock of credit (-0.92% m/m; -3.09% year-on-year); BBVA, Sabadell and Caixabank, top picks. 26 September 2023 Analysis team’s view: Most importantly, the balance of…