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Spanish economy 24th October 2023

Telefónica prepares incentivised redundancy plan in Spain for maximum 5,000 employees

Bankinter| The company will present a redundancy plan for up to 5,000 employees in Telefónica Spain. In addition, there is talk in the media of a possible interest of a consortium led by RRJ in buying Vodafone Spain. As for the redundancy programme, Telefónica will present the programme to the unions before Investor’s Day on 8 November. It expects around 2,500 employees to take redundancy. Although unconfirmed, media reports anticipate…

Spanish economy 23rd October 2023

King to open 26th National Family Business Congress in Bilbao on Monday

The King, Felipe VI, will inaugurate today Monday in Bilbao the 26th National Congress of Family Businesses, which will bring together more than 500 family businessmen from all over Spain on 23 and 24 October at the Euskalduna Palace. Family businesses are the basis of the European business fabric and in Spain they account for 70% of employment and 60% of GDP. And for the fifth consecutive year, the President…

In Spain 20th October 2023

Public housing construction in Spain falls by 86% compared to 2006 historical record, 80,000 homes built per year on average

Alphavalue / Divacons| The percentage of household income needed to buy a home rose to 21% over the last year, according to a study published by the portal Idealista based on 3Q23 data. The real estate platform also highlights that the percentage of household income needed to rent a home grew to 31%. On the other hand, the construction of public housing has fallen by 86% in Spain compared to…

In Spain, Spanish economy 19th October 2023

Bank of Spain expects Spanish economy to grow faster than eurozone in 2023-2025

Banca March: Pablo Hernández de Cos, Governor of the Bank of Spain, expects the Spanish economy to grow faster than the eurozone as a whole in the short and medium term. According to the ECB’s projections, Spain will record GDP growth of 2.3% in 2023, 1.8% in 2023 and 2% in 2024 compared to the euro zone (0.7%, 1% and 1.5%, respectively). De Cos lists the various reasons why the…

In Spain 19th October 2023

Supreme Court upholds unions’ decision on start of paid leave at Telefónica

Alphavalue/DIVACONS | The Supreme Court ruled in favour of the trade unions on the start of paid leave at Telefónica (TEF), a battle that began in 2018 over the interpretation of the group’s first collective agreement for related companies and in which the Court ruled that paid leave must begin on the first working day following the event causing it. On the other hand, the European Commission gave its approval…

In Spain 18th October 2023

“Portugal is growing in investment three times faster than Spain, and they are left-wing”

“The history of Spain is always associated with public debt crises. You can always stumble over the same stone, but you should not fall in love with it”, says economist José Carlos Díez – always identified as a “progressive” economist – at the end of a talk with Lorenzo Bernaldo de Quirós, always identified as a liberal economist. At the end of the talk, Bernaldo de Quirós asked Díez what…

Spanish economy 17th October 2023

Aena passenger traffic to September remains above pre-pandemic levels

Intermoney | Aena (AENA) (Hold, Target Price €150/share) released last Friday, with the market open, the Spanish passenger traffic data for September. Some 27.5 million passengers transited through Aena’s airports last month, +1.5% above 2019 levels. The dichotomy was again observed between Madrid and Barcelona on the one hand, which remain below pre-pandemic levels, -3% and -10%, respectively, and the rest, which exceed this threshold, highlighting Valencia (+20%) and Malaga…

In Spain, Spanish economy 17th October 2023

Government’s 2024 Budget Plan improves this year’s forecast by 3/10 of a percentage point, but cuts next year’s by 4/10

CdM| The government has updated its macroeconomic picture for the next two years, and now expects the Spanish economy to grow by 2.4% this year – compared to the 2.1% estimated in spring – and by 2% the following year – compared to the 2.4% first estimated. This is included in the 2024 Budget Plan that the Executive sent yesterday to the European Commission, which stresses that the Spanish economy…

In Spain 16th October 2023

Looking beyond the investiture in Spain

J. P. Marín-Arrese | The only thing that seems to matter is the investiture. An understandable priority when opening the key to power and its corollary of favours, perks and positions. It is no coincidence that in politics one is there to get into the official car, a vocation that is consubstantial to this profession, since the purpose of all training lies in holding command of the office. Everything suggests,…

In Spain 16th October 2023

Inflation in Spain up almost one point to 3.5%, core inflation at 5.8%

The National Statistics Institute (INE) published on Friday that, according to the final estimate of the data, the consumer price index (CPI) rose in September by 0.2% compared to August. In year-on-year terms, the CPI rose by 3.5% in September (2.6% in August). In the month and in year-on-year terms, the groups that most pushed up inflation were Housing, which increased its variation by almost five points, to -13.1%, mainly…

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