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pensiones playita

Spanish economy, Spanish Politics 3rd May 2023

Population over 64 in Spain now more than 20%, outnumbers that of under-20s

Funcas | The growing imbalance in the size of the older and younger generations poses a challenge for intergenerational solidarity, with important implications at the economic, social and political levels. Spain is a good example of this demographic trend. While in 2012 the population aged 65 and over accounted for 17.4% of the population, by 2022 already exceeded 20%. In contrast, the population under 20 years of age fell to…

Spanish midcap Telepizza

Spanish economy 3rd May 2023

Bondholders, Santander and ICO rescue Telepizza

Telepizza’s bondholders and Santander, its largest creditor bank, yesterday signed an agreement to save the company. According to sources close to the operation reported by the newspaper CincoDías, both the funds and the bank have agreed to assume a write-down of around half of its liabilities, some €400 million , in exchange for taking over 100% of the company. This means that the bondholders will become the new majority shareholders,…

tractorada

Spanish economy, Spanish Politics 3rd May 2023

Spanish countryside, with 80,000 fewer workers than a year ago, calls strike on May 14th

The total number of people employed in the Spanish agricultural sector at the end of the first quarter was 748,200, compared to 827,700 in the first quarter of 2022. Nearly 80,000 fewer employed than a year ago. This is the largest annual fall in a first quarter since 2015, according to the Spanish National Statistics Institute’s Labour Force Survey (EPA). You have to go back to the first quarter of…

Economia España

Spanish economy, Spanish Politics 2nd May 2023

Spanish economy starts 2023 stronger than anticipated, growing 0.5% in Q1 and 3.8% in last year

Bankinter : Preliminary Q1 2023 GDP +3.8% year-on-year (versus +3.1% expected and +2.9% year-on-year in Q4 2022 revised up by 0.3 percentage points. Quarter-on-quarter GDP growth of +0.5% (versus +0.3% quarter-on-quarter estimated and +0.4% quarter-on-quarter foreseen revised up two tenths). The implicit GDP deflator stands at +6.2% year-on-year (+1.1 p.p. versus the last quarter). The analysis team’s view: it has been a stronger start to 2023 than was expected. Manufacturing…

inflation rises

In Spain, Spanish economy 28th April 2023

Prices rebound, inflation up to 4.1% in April, but underlying down to 6.6%

CdM : Prices rose again across the board in April. After the falls of recent months, inflation rose in the fourth month of the year to 4.1%, which is six tenths above the previous month and eight tenths higher than a year ago (it had not risen so much in one month since May 2022), according to the leading indicator of the National Statistics Institute (INE). The underlying rate, however,…

Spains unemployment problem

Spanish economy, Spanish Politics 28th April 2023

Employment, triumphalism aside

Fernando González Urbaneja | The EPA for the first quarter of 2023 allows for different readings to suit all readers’ tastes. Employment fell slightly compared with the previous quarter, but grew by 370,000 compared with the previous year. Therefore, a certain slowdown in job creation, but with a target figure of 20.45 million employed, the highest figure in history. Compared with the previous quarter and the previous year, the data…

unemployment spain

Spanish economy 27th April 2023

Unemployed in Spain in 1Q23 up to 3.13 M compared to 3 M at end of 2022

Bankinter : The unemployment rate has risen in the first quarter of 2023 to 13.26% from 12.87% previously and versus the 13.0% expected. The number of unemployed has risen to 3.13M (as opposed to 3.0M at the end of 2022). The activity rate remains fairly stable at 58.55% (versus 58.52% previously). Analysis: the labour market is deteriorating more than expected and continues to slow down from 12.48% in 2Q 2022;…

Repsol's bet on alternative energies

Spanish economy 27th April 2023

Repsol reports first quarter net income of €1.112 billion

In January, a cash dividend of €0.35 gross per share was paid out. The same amount will be proposed to the Annual General Meeting for distribution in July. With these payments, Repsol will increase cash remuneration for its shareholders by 11% in 2023, in addition to a capital reduction of 50 million shares. During the quarter, Repsol invested €1.726 billion, mainly in Spain and the United States. The company expects…

nadia calvino bruselas

Spanish economy, Spanish Politics 27th April 2023

Brussels to require adjustments of 0.5 GDP points per year for Spain and countries with high deficits

The reform of fiscal rules proposed by the European Commission will prohibit public spending from growing above GDP in countries with more than 60% debt or 3% deficit, which will have to present consolidation plans four to seven years ahead. Europe already has the new rules of the budgetary game proposed by Brussels on the table. After years of suspending deficit and debt targets to allow EU partners to fight…

espana europa billete 1

In Spain, Spanish economy 27th April 2023

Spanish producer prices in negative territory, falling -1% in March

BancaMarch : In Spain, industrial prices have moved into negative territory. The base effect of energy prices, as oil and gas are now starting to be bought with the prices after the invasion of Ukraine, have facilitated this moderation in production costs. Specifically, the industrial producer price index recorded a fall of -1% year-on-year in March compared with growth of +8% in the previous month. These data point to a…