In Spain

High speed AVE trains

Renfe, Correos, Adif, Paradores… Public Companies Will Continue To Make Losses

As reported by Elena Ramón in the newspaper Expansión, Correos, Adif, Renfe and Paradores are extending their losses for another year. However, all of them assure they will increase revenues next year. The General State Budget for 2022 presented by the Government forecasts that Aena and Enaire will return to profit next year and join Puertos del Estado and Loterías, two entities which are resisting all setbacks. But Renfe, Adif,…


repsol petrochemical complex 1

Repsol To Expand Its Complex In Sines (Portugal) For 657M€, The Largest Industrial Investment In The Country In The Last Decade

Repsol plans to build two new plants for high value-added, 100% recyclable polymeric materials for the pharmaceutical, automotive and food industries.The project has been considered by the Portuguese government as an initiative of Potential National Interest (PIN), a qualification reserved for investments that make a significant contribution to the country’s economy, and will benefit from tax incentives for investments of up to 63 million euros.


PabloCasado

What If The PP Were To Offer To Agree The 2022 Budget?

Fernando González Urbaneja | Someone must have told Pablo Casado that by being a grump he does not gain political space or win more votes. This has been noticed in the week’s control session, when Sánchez was surprised by the offer to agree on the renewal of the pending institutional bodies (except for the General Council of the Judiciary). In this way, the Socialists’ accusation that the Popular Party is…


Spain FMI

The IMF Revises Downwards Its Global Growth Forecast …And It Forecasts The Highest Unemployment Rate In Europe For Spain In 2021 (15.4%) And 2022 (14.8%)

In its October World Economic Outlook report, the International Monetary Fund (IMF) has lowered its growth estimate for the world economy to 5.9% from 6.0% in its July estimate. For 2022, however, the IMF has kept its global growth projection unchanged at 4.9%. In its report, the IMF notes that while growth in advanced economies is largely expected to return to the pre-pandemic trend in 2022, it expects emerging and…


debt ceiling word cloud1

Spain: Corporate And Household Debt Increased By 1.8% In The Last Year To 144.2% Of GDP

The financial wealth of Spanish households increased by 5.1% in the last year to stand at 214.1% of GDP. The Financial Accounts of the Spanish Economy, published by the Bank of Spain, show that consolidated corporate and household debt reached €1.673 billion in the second quarter of 2021 (144.2 % of GDP), 1.8 % above the €1.644 billion recorded a year earlier (140.5 % of GDP). The increase in the…


utilities

Utilities Propose Measures To Reach An Agreement Before The Royal Decree On Gas Is Ratified

Banco Sabadell | The Ministry of Transition has begun the round of negotiations with the electricity companies (last week it was the turn of Endesa, Acciona and EDP and today it will be the turn of Naturgy and Iberdrola). The idea is to try to reach an agreement before next Thursday, which is when the gas Royal Decree will be ratified. Among the sector’s proposals, Iberdrola proposes supplying nuclear production at a closed long-term price to small consumers with less than 10 kW of power under the regulated tariff. A bilateral contract, in line with what France does, where the price would cover its fixed and variable costs and possible life extensions (c. 60 euros/MWh). This proposal eliminates the risk for power plants and would leave hydro and renewables free to market. The risk is that there would be a migration from the free to the regulated domestic segment (now 38%).


barricas

The Spanish Wine Sector, A Symbol Of Tradition And A World Benchmark

Sergio Díaz (CaixaBank Research) | The wine sector plays a fundamental role in our country, not only in economic terms, due to its contribution to activity, employment and exports, but also because of the wide extension of its cultivation and its territorial roots, which makes it a driving force for environmental conservation and rural development. Spain is the world’s second largest exporter of wine by volume and the third largest by value, although in recent years we have seen greater penetration in North America and Asia, markets that buy wine of higher value. After the COVID-19 crisis, wineries and cooperatives must face important medium-term challenges.


spain poverty oxfam

Spaniards In Severe Poverty Rises From 4 Million To 6 Million

In Spain, four million people were living in severe poverty in 2018. Now there are more than six million. According to the Caritas and Foessa Foundation report, the impact of the pandemic is “devastating” and more than 11 million people now live in a situation of “social exclusion”. By contrast, the number of households without such problems, which totalled 49.3% in 2018, has declined to 41.2%. “There has been a…


pge2022 sanchez diaz

The Ministry of Inclusion Takes The Largest Share Of The General State Budget for 2022, With €33.3478 Bn

Last week, the Council of Ministers approved the General State Budget Bill 2022. Total Expenditure amounts to 458.97 billion euros (+0.6% YoY or +2.897 billion euros). Social Spending amounts to 248.391 billion euros (+3.6% YoY). For this reason, the Ministry of Inclusion, Social Security and Migration will receive the largest share of the budget for 2022, with €33.478 billion, taking into account that it includes the transfer of €18.396 billion…


spain red light

Spain: More Than 700,000 SMEs Have Liquidity Problems

Pavel Gómez del Castillo (Crédito y Caución) | Some 26% of Spanish small and medium-sized enterprises are experiencing liquidity problems. That is what emerges from the September barometer of the General Council of Associations of Administrative Managers of Spain. According to the study, 27% of SMEs admit they have clients in arrears, 13% are not paying their creditors and 10% have defaulted with their financial institutions.Barely 23% of SMEs have…