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…
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…
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,…
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…
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;…
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…
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…
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…
The European Parliament is urgently demanding information from the Spanish government and the European Commission. The long-awaited report of the European Parliament’s Committee on Budgetary Control, which visited Spain this past February to audit the use of EU funds in our country, is about to be published. The draft report details the main conclusions of this visit and describes the meetings held with the different agents and members of the…
The World Bank has sent a devastating letter to the Spanish government to demand payment of the awards that condemn our country to compensate the companies and investors affected by the retroactive withdrawal of the premiums granted to renewable energies. The ICSID, the World Bank’s international arbitration tribunal, reminded the PSOE and Podemos government that it cannot neglect its obligations and that it must compensate the companies that have suffered…