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Spain has highest proportion of contracts of 6 months or less

Spanish economy 4th August 2020

Spanish Unemployment Drops For The First Time Since February: 89,849 People Find A Job In July

The labour market figures in July are very good thanks to the reopening of services and the return of tourism to Spain. Unemployment fell by 89,849 people, the first drop since February.The number of people still affected by temporary layoffs schemes (ERTEs) is now just over one million and the Social Security affiliation average membership is still rising. However, only 17% of the jobs destroyed have been recovered.

spain modernisation

Spanish economy 30th July 2020

Spain Needs A Big Modernisation Operation To Gain Productivity

Fernando G. Urbaneja | Before the pandemic, the Spanish economy showed signs of weakness and exhaustion, which are now considered as pronounced. Spain needs a major modernisation operation to gain productivity, to generate stable employment and add value. And this is not being talked about much. Many decrees but no script, no basic project, no fine print. European funds are important, but knowing how to avoid wasting them, is even more important. 

british expats

Spanish economy 29th July 2020

UK’s Move To Discourage Travel To Spain And Mandatory Quarantine Is Last Straw For The Tourism Sector

Boris Johnson’s government will impose a 14-day quarantine on travellers from Spain in response to the surge in reported Covid-19 cases in our country. This decision has fuelled discontent both in the Spanish government and in the tourism sector. This means about 12% of GDP, with the British accounting for 20% of all tourists. Furthermore, the Spanish industry could lose foreign tourism revenues of €8.7 Bn between August and September, reports the Spanish tourist institution Exceltur.

labour market

Spanish economy 28th July 2020

The Coronavirus Destroys 1M Jobs In Spain In Q2’20, Leaving The Unemployment Rate At 15.33%

The results of the Labour Force Survey (EPA in its Spanish acronym) for the second quarter of 2020 continue to reflect the situation arising from the pandemic. Employment fell by 1,074,000 persons in this period. It should be borne in mind that this figure does not include those affected by a temporary lay-offs with suspension of employment. Meanwhile, the unemployment figure rose by by 55,000 people, with the unemployment rate standing at 15.33%.

spain deconfinement

Spanish economy 22nd July 2020

European Aid Accounts For 11.35% Of Spanish GDP In 2019

Spain and Italy have been two of the leading countries in the European Recovery Fund race. Our country will receive 140 billion euros, of which 72.7 billion will be given in direct aid and the rest in loans. This is a figure equivalent to 11.3% of Spanish GDP in 2019. It is a balm for Spain’s public accounts that will be able to sustain the recovery with greater guarantees. The European agreement for the reconstruction fund will be decisive for presenting the 2021 General State Budget as soon as possible. It should be remembered that the current government continues to manage public accounts under the previous government’s budget. This is technically possible, but lacks political sense.

Spain property

Spanish economy 22nd July 2020

The Fall In Home Sales In May Reflects The Effects Of Spain’s State Of Alarm

Bankia Estudios | Property transactions in the Spanish market have plummeted. Home sales fell sharply in May: only 22,394 transactions, the worst month of May in the available series since 2007, and less than half of the transactions recorded a year ago (48,351 in May 2019). In any event, the deterioration reflects the logical effects of the sector closing down due to the state of alarm. In the second half of the year, the reactivation of the economy, the labour market and, above all, family income will determine the behaviour of demand.

Nadia Lagarde

Spanish economy 17th July 2020

What Happens Without Nadia Calviño?

Joan Tapia (Barcelona) | Spain has lost out in the Eurogroup, but only by 10 to 9 and with the vote in favour of the powerful Franco-German axis. It is an honourable defeat that indicates our limitations. Some claim that the result is due to the fact Spain has a government with communist participation, something anomalous in Europe. I think that it is a warning from the medium-sized countries to the Franco-German axis to take them more into account. Spain is not gaining influence in Europe, but it will have little impact on economic policy.

companies general

Spanish economy 9th July 2020

Just 6% Of Spanish Firms Generated 80% Of The New Jobs Created In Recent Years

Just 6% of Spanish companies generated 80% of the new jobs created in the recent years, specifically in the period 2004-2017. These firms were characterised by their rapid growth, according to the study ‘Business dynamics in Spain and digitalization: challenges in the face of the new crisis of COVID-19’. The study was published this Wednesday by the Ramón Areces Foundation and the Valencian Institute of Economic Research (IVIE).

Renewablesss

Spanish economy 9th July 2020

Spain’s New Renewables Auctions Will Allow For Bids On Energy To Be Supplied Or Combined With Installed Power

Spain’s Cabinet has authorised the processing of the emergency decrees to regulate the procedure for auctions and access and connection to the energy transmission networks. These decrees will provide legal certainty for the Spanish energy framework, preparing it for the installation of some 60 GW of renewables in the next decade. Up until now, the product auctioned has been the installed capacity, subject to a minimum and maximum in order to receive the return per operation. 

congreso diputados1

Spanish economy 6th July 2020

The State To Enter Spanish Companies Via The Purchase Of Shares, Debt Or Other Convertible Instruments

The fund worth €10 Bn will rescue companies with solvency problems such as airlines and hotel chains damaged by Covid-19. It will be managed by the State Society of Industrial Participations (SEPI) and will allow the state to temporarily enter, for 6 or 7 years, the capital of private firms This will be done with the purchase of shares, debt or any other instrument convertible into capital. If after that time the company needs additional support, it will need a restructuring plan which will be transferred to Europe.