The International Monetary Fund believes that Spain’s GDP will grow by 2.5% this year, compared to the 1.5% it predicted in April, making Spain the engine of growth in the euro zone due to “the greater strength of services and tourism”. However, the effects of the tourism miracle will not last beyond 31 December 2023, as the IMF has kept its growth estimate for 2024 unchanged at 2%. Until now,…
The president of the Euzkadi Buru Batzar of the PNV, Andoni Ortuzar, telephoned the president of the Partido Popular on Monday night, who had tried to contact him earlier in the day. Ortuzar informed Núñez Feijóo of the PNV’s refusal to begin talks with a view to facilitating his investiture as President of the Spanish Government, a decision agreed at the meeting held by the EBB after the 23J elections….
José Hervás (Capital Madrid)| Spain is entering a situation of political deadlock. The result of the elections, in which the PP was the winning party with 136 seats, does not make it easy for Feijóo to form a new Executive as he does not have the necessary 176 seats, together with the 33 seats of VOX, to obtain the necessary majority required for the presidency. A tug-of-war is foreseen between…
Fernando Gonzalez Urbaneja | With half a dozen seats still to be counted, including those from abroad that will be counted on Friday, the outcome of the elections is still uncertain. The risk of a deadlock, i.e. that no one will be able to form a sufficient coalition to install a president, is a reasonable hypothesis. More than ever, it may be concluded that everyone has lost and no one…
Ibercaja | In May, in line with recent months, the number of mortgages on dwellings registered in the property registers fell by 33,398, 24.0% fewer in annual terms. In 2021 and 2022 (especially the first half of the year) there has been high growth in the mortgage market due to the existence of accelerating levers in this market: savings accumulated during the pandemic, change in consumer tastes (houses, flats with…
The issue of tolls is causing a stir in Brussels and the truth is that the European Commission insists on correcting the government: the measure to introduce toll elements on motorways in 2024 is in the Spanish recovery plan, and will be maintained unless the document is changed. For the time being, the EU executive takes this into account as one of the objectives of the Spanish plan, despite Moncloa’s…
S&P Global Rating| The European Recovery and Resilience Mechanism (ERM) will boost public investment in Spain and Italy over the medium term. This follows a significant drop in public spending in both countries over a decade. However, the use of these subsidies is well beyond the initial 2026 deadline. We estimate that Spain and Italy had only implemented 10% and 20% of the available subsidies, respectively, by the end of…
“What I can tell you is that next year we will have to set up tolls, Brussels is demanding that we do so,” declared the Director General of the DGT (the Traffic Department), Pere Navarro, in an interview on TV3 last week. These tolls were included in the document the Spanish government signed with Brussels in exchange for the €70 billion in European funds granted for the pandemic. The document…
Intermoney| Phone House Spain, a subsidiary of Dominion (DOM), has notified the workforce and the relevant authorities of its intention to initiate redundancy proceedings (ERE in its Spanish initials) for economic, productive and organisational reasons. This redundancy plan would affect 304 employees at 67 sites in Spain, employing 452 people. In the framework of the negotiations, which will end tomorrow, Thursday, the company is offering the affected workers a severance…
Link Securities| The Oesía group, a Spanish multinational company dedicated to industrial and digital engineering, and the technology and defence company Indra have signed a strategic collaboration agreement by which they will combine key technological capabilities to improve the global offer of new generation systems and services for the Spanish Armed Forces and Security Forces, which will improve the positioning of both companies in the international market and European programmes….