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Spanish economy, Spanish Politics 17th May 2023

IEE think tank predicts Spanish businesses to pay highest contributions in Europe after Escrivá’s pension reform

Minister José Luis Escrivá’s recent pension reform will leave a public deficit of up to €22,000 million in the public coffers in 2023 alone, with its consequent negative effects on employment, growth and the competitiveness of the Spanish economy. This is what is stated in the latest report by the Institute of Economic Studies (IEE in its Spanish initials), which, under the title “La subida de las cotizaciones sociales (The…

In Spain, Spanish economy 16th May 2023

Brussels raises Spain’s growth forecast to 1.9%

The European Commission (EC) calculates that the Spanish economy will grow by 1.9% in 2023, five tenths above the winter forecast, and above the 1.1% forecast for the Eurozone and the 1% forecast for the European Union (EU) as a whole. Spain’s growth forecast for 2024 remains at 2%. The EC also reduced the Spanish inflation forecast to 4% for the current year, four tenths of a percentage point lower…

In Spain, Spanish economy 12th May 2023

Inflation confirmed at 4.1% in April, core inflation falls to 6.6% (vs. 7.5% previously)

Bankinter: April CPI (final) confirms +4.1% year-on-year preliminary announcement from +3.3% in March. In month-on-month terms it remains at +0.6% m/m preliminary (from +0.4% previously). The groups most affecting the monthly rise are Footwear and Clothing, Accommodation and Leisure Services. While Housing declined due to lower gas and electricity prices. Core CPI also remains at a preliminary +6.6% year-on-year and from +7.5% year-on-year previously. Annual CPI rateGeneral and core rate….

Spanish economy, Spanish Politics 12th May 2023

Chaos in Social Security, unions call first strike in history

José Luis Escrivá will go down in history as the minister whose trade unions called the first ever strike in the history of the Ministry of Inclusion, Social Security and Migration. Staff shortages, delays in appointments and in the recognition of benefits, the closure of offices, and non-compliance with the agreements signed with the trade unions. For all these reasons, the trade unions CSIF and CC.OO. have called partial strikes…

Spanish economy, Spanish Politics 11th May 2023

Pedro Sánchez, builder

On the left, Pedro Sánchez promises “93,000 affordable homes for young people and families” at a rally in Toledo on 21 April. On the right, at a rally in A Coruña, a week later, on 28 April, he was already promising 183,000 homes at affordable prices for… And with weeks of election campaigning left.

Spanish economy, Spanish Politics 11th May 2023

The anger of civil servants

Fernando González Urbaneja| The government has not shied away from criticising employers for their labour management and for allegedly poor relations with unions and workers. They say that the beam in your own eye is less obvious than the speck in someone else’s. On labour relations, the government has little to boast of; its performance is abysmal, and the consequences for the customers of public services and for citizens are…

Spanish economy 10th May 2023

26,000 SMEs close in Spain in 2022, 10% more than in 2021

According to the National Institute of Statistics, the average increase in the gross profit of Spanish companies was 15% in 2022, with Ibex companies’ profits growing by 35%. According to Antoni Cañete, president of Pimec, the employers’ association of small and medium-sized Catalan companies, “it is clear that, if the Ibex earns 35% more and the average is 15%, there are others who have to earn much less… The extraordinary…

Spanish economy 10th May 2023

Aena: no bids for duty-free tenders in Madrid and Barcelona

Banco Sabadell: The airport company has not received any bids for lot 1 (Madrid Airport) or lot 4 (airports in Catalonia) in the tender for the duty-free shop leasing contracts. These two lots represent 44% of the total RMGA’24 established as a basis for the tender (this could represent a total of around €190 million per year or 4% of AENA’s total revenues; at least 1% of the capitalisation). The…

In Spain, Spanish economy, Spanish Politics 9th May 2023

Government authorises Vivendi to increase stake in Prisa

The Council of Ministers has given Vivendi, Prisa’s second-largest stakeholder with a 9.94% holding, permission to convert all of its convertible subordinated debentures, increasing its ownership position in the company’s capital. The total amount of the issue was €130 million and the first conversion period started on 1 May and will end on the tenth. Vivendi’s conversion of the subscribed bonds will result, in the final scenario of a full…

Companies, Relevant News Item, Spanish economy 9th May 2023

Endesa reports net profit of €594m to March, 76% higher than in same period in 2022

Norbolsa| The energy company published yesterday its 1Q23 results, reaching a net profit of €594m (versus €560m consensus), registering a 76% growth compared to the same period last year. The group’s EBITDA increased by 60% to €1,460m (versus consensus of €1,420m), mainly driven by its conventional generation division (+78% year-on-year), which benefited from lower gas prices, as well as the normalisation of the marketing margin. The NTI increased to €11,600m…