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YolandaDiaz

Spanish economy 16th January 2023

Balearics: more people collecting unemployment benefits (59,461) than registered unemployed (35,851). Wonders of the labour reform

One autonomous community, the Balearic Islands, is already reflecting the mismatch between the numbers of registered unemployed and benefit recipients that the digital newspaper Theobjective.com has been reporting. According to data from the Public Employment Services (SEPE) for December 2022, analysed by the Studies Office of the Workers’ Trade Union (USO), in December in the Balearic Islands there were 59,461 benefit recipients while 35,851 people were registered as unemployed. According…

Cellnex

Spanish economy 13th January 2023

Cellnex to focus on reducing debt below 6x Net Debt-to-EBITDA to achieve IG rating following CEO resignation

Bankinter | Cellnex CEO Tobias Martinez announced his resignation on Wednesday. He will step down on 3 June. In his resignation letter he explains: “The current economic and financial context, different from the one that has marked the successful development of the company’s industrial project over the last eight years, demands that we open a new chapter in the Cellnex story. A new stage based on maximising organic growth; consolidating…

Madrid Gran Via2

Spanish economy, Spanish Politics 13th January 2023

Ireland exposes Spain’s closed-mindedness on Wealth Tax

Luis Alcaide | The international press is talking about 100,000 Chinese investors willing to leave part of their capital in Ireland to continue their residence in the country. The attraction is simple: one million euros in investment funds or two million euros in equity investments, with a commitment to maintain them for three years. A stay of one day per year is sufficient. Chinese from Hong Kong and the Republic…

Production

Spanish economy 12th January 2023

Industrial production in Spain falls 0.7% month-on-month in November and 1.1% year-on-year

Banca March| The data for the industrial sector published in France and Spain have not brought very much news. It should be noted that in France the figures came as a surprise on the upward side, with industrial production rising by 2% month-on-month. Despite this rebound, if we compare with this with industrial production levels of 12 months ago, the fall in the sector’s activity in November was 0.1%. On…

Household savings rate at historical lows

Spanish economy 12th January 2023

Spanish household wealth falls 2% in just three months

Household financial assets – cash, shares, deposits and income securities – fell by 2% in the third quarter of 2022, to 2.62 trillion euros at the end of September. Specifically, the Financial Accounts of the Spanish Economy indicate that 105 billion were volatilised in the third quarter of 2022. In year-on-year terms, they fell by 0.5 %. The Bank of Spain explains that this decline reflects a negative revaluation of…

LNG regasification ship

Spanish economy 12th January 2023

Spanish LNG purchases from Russia up 45% in 2022

Spain has increased its imports of liquefied natural gas (LNG) from Moscow by 45%, according to data from the latest Enagás statistical bulletin, published by El Periódico de la Energía. According to the newspaper La Vanguardia, it all started when Algeria closed the Maghreb-Europe gas pipeline (GME), one of the two that supply Spain, after the spanish government changed its position to favour Morocco’s claims over the Sahara, in the…

Aena

Spanish economy 12th January 2023

Aena figures improve: 17.9m passengers per month, only 2% below pre-pandemic levels.

Renta 4 | December traffic levels were only slightly below pre-pandemic levels and were also slightly better than in previous months. Passengers reached 17.9 million in the month, in line with forecasts, only 2% below 2019 levels, allowing us to reach the annual figure of 243.6 million passengers (11.5% below 2019’s figures, aligned with forecasts). Domestic passengers totalled 3.8% below 2019 and international passengers remain at 15% down on an…

capital energy auction

Spanish economy 11th January 2023

Spanish government proposes segmenting electricity market in Brussels to prevent gas from contaminating prices

The Ministry for Ecological Transition has informed the Council of Ministers of the proposed reform of the European wholesale electricity market that the government has sent to Brussels today. Following the economic measures that the Spanish government has proposed, and which Brussels “has accepted as its own”, according to the Secretary of State for Energy, Sara Aagesen, during the presentation of the proposal to the media, the “conceptual” debate on…

Montero

Spanish economy 11th January 2023

Tax burden in Spain (42%) reaches historic highs, according to IEE

The Instituto de Estudios Económicos (IEE) pointed out on Tuesday that the tax burden in Spain had reached historic highs in 2022, exceeding 42% of GDP and standing above the EU average (41.7%) for 2021 – the last year for which data are available. “The tax effort, i.e. the tax burden normalised according to income, is already 53% higher than the EU average”, warned the IEE President, Íñigo Fernández de…

Spains unemployment problem

Spanish economy 10th January 2023

Spain (12.4%), still at the head of unemployment in Europe (6.5%)

Eurostat has released employment data for Europe, and among the EU-27, the highest unemployment rates were in Spain (12.4%), Greece (11.4%) and Italy (7.8%). In contrast, the lowest unemployment figures were observed in the Czech Republic (2.7%), Poland and Germany (3% each). The European indicator remains at an all-time low of 6.5%, while Spain doubles the rate and is the country with the highest unemployment, with a rate of 12.4%….