Top Stories

In Spain

Spain property

Spanish economy 19th October 2020

The Impact Of The COVID-19 Crisis Begins To Be Felt In Spain Housing Prices

Indicators for the real estate market show a significant recovery in activity in the sector, following the standstill during the state of alarm. On the demand side, home sales recovered well in July and increased by 20% month-on-month, although in cumulative terms for the year to date there is still a year-on-year decline of 25.8%. On the supply side, the construction sector has also quickly restarted its activity. In August, cement consumption was only 2.1% below the level of August last year, with a notable recovery from the 50% fall registered in April.

Spain, Nadia Calviño

Spanish economy 16th October 2020

Spain’s Budget Plan For 2021: 7.3% Increase In Revenue, Expenditure Ceiling Over 50%

Spain sent yesterday the Budget Plan for 2021 to the European Commission. It estimates an increase in absolute terms of 33.44 billion euros (+7.3% per year) thanks to the increase in activity and by fiscal measures. The proposal is based on a non-financial spending limit of €196.09 Bn, 53.7% higher than that approved in February. The new macroeconomic framework forecasts a fall in GDP of 11.2% this year, with an unemployment rate of 17.1%, and a growth of 7.2% in 2021.

Endesa energy poverty

Ibex, Markets, Spanish economy 16th October 2020

Endesa Proposes Receiving €16 Bn from European Funds To Mobilise €19 Bn In Investments

Endesa has put forward 110 projects eligible for the EU recovery fund. The whole of these projects would mean a total investment of 19 billion euros (53% of its Enterprise Value and 75% of its capitalization). So the company is requesting 16 billion euros (85% of implicit leverage) from the EU recovery funds. Member countries can submit proposals from today until April 30th, 2021.

Spain renewables auctions in 2022

Spanish economy 15th October 2020

Spain’s Wind Power Sector Proposes 9 Projects To Raise €12 Bn Of Private Investment With EU Funds

The wind power industry has put forward nine projects using part of the European reconstruction funds allocated to Spain. Earmarking €1.165 Bn from the funds would allow for the activation of private investments worth over €12 Bn and would create more than 30,000 jobs. These projects would make it possible to generate 17.32 terawatt hours of wind power on a national scale. This is equivalent to 30% of the increase in wind power generation envisaged in the National Integrated Energy and Climate Plan (PNIEC).

Spanish Ministry of Economy Nadia Calviño and Ministry of Finance María Jesús Montero

Spanish economy 14th October 2020

The IMF Predicts A Lasting Impact Linked With The Coronavirus; Spain, Most Affected In Developed World

The International Monetary Fund revised upwards estimates of global growth in 2020 but warned of a long and asymmetric recovery with uncertainties in which Spain will be the developed economy that falls most in the year. Thus, the agency now expects world GDP to fall by 4.4% in 2020 ( against -4.9% in June), thanks to China’s performance. The IMF forecasts for Spain a fall of 12.8% in 2020 to recover 7.2% in 2021. This drop is more than double that expected for the advanced countries as a whole (-5.8%).

naturgy

Ibex, Markets, Spanish economy 14th October 2020

Naturgy Ends Months Of Disputes With Sonatrach Through A Deal To Cut Price Of Gas Supplies

Spanish gas firm Naturgy has secured its gas supply for the next 20 years at a price lower than the current one. The news comes after Prime Minister Pedro Sánchez’s institutional visit to Algeria. In the wake of this, Naturgy has signed off on the end to the disputes with Algerian state group Sonatrach. At the same time, it has agreed new contracts with the group valued at 20 billion euros over the next two decades.

Telefónica to reduce its reliance on Huawei

Ibex, Markets, Spanish economy 14th October 2020

Telefonica Is Creating A Subsidiary To Invest In Fiber In Germany

Banco Sabadell | Telefónica is in the final stages of negotiating an agreement to set up an independent company, which would be responsible for the deployment of a fiber optic network in Germany. The investment in the project is about 5 billion euros. Telefonica would structure the project through its subsidiary Telefonica Infra, which plans to sign an accord with an infrastructure fund and a group of financing banks around the end of October.

spain teleworking

Spanish economy 13th October 2020

Spain Regulates Remote Working For The First Time

The new regulation for teleworking in Spain, approved on September 22nd and agreed with employers and unions, comes into force on Tuesday. The implementation has been accelerated by the covid-19 pandemic, since up until now there was no specific regulation. Telecommuting will be voluntary and reversible for both the employee and the company. 

Spain tourism GDP

Spanish economy 12th October 2020

Spain Retains Its Third Place In The Most Attractive Countries For Tourism ranking

Icex (Invest in Spain ) | Spain is once again ranked first in Europe and third in the world in the Country Brand Ranking Tourism 2019-2020, which measures the appeal of the country brand of about 200 countries. The report points to possible threats to this position: Hong Kong has already overtaken Spain, while the “United Kingdom and Italy are approaching at a good clip”. The two latter countries appear to be the “two new international giants”, rising five and three places respectively in the world ranking.

gas infrastructure

Spanish economy 9th October 2020

The Integrated Management Of Gas And Electricity Infrastructures In Spain Would Allow Savings Of More Than €2 Bn A Year By 2050

A report by Frontier Economics and the German University of Aachen concludes that integrated infrastructure management (sector coupling) will be essential in achieving decarbonisation, because it minimises costs, makes it possible to decarbonise sectors that are difficult to electrify, increases supply safety, and makes it possible to promote an industry with export potential and job creation.