In Spain

Retail Eurozone

Spain’s November retail sales rise 5.2% year-on-year, beating 3.9% forecast

BancaMarch : Consumer spending continues to grow strongly in Spain. This morning retail sales for November were published, which advanced at a rate of +5.2% year-on-year, beating the +3.9% forecast. Moreover, the previous month’s figure was revised upwards by three tenths of a percentage point to +5.3%. With these figures, private consumption will continue to support activity at the end of the year.


Indra Tecnocom

Indra considers raising €800m from sale of Minsait’s assets to finance possible purchase of part of Hispasat

Alphavalue/DIVACONS | The Spanish IT services and consultancy company is considering the acquisition of a stake in satellite operator Hispasat, which is partly owned by state-controlled network operator Redeia (RED), Cinco Días newspaper reported on Thursday citing unidentified market sources. Indra is considering raising €800 million from the sale of assets of its technology unit Minsait to finance the deal. On the other hand, the Council of Ministers authorised the…


CarlosCuerpo

Carlos Cuerpo replaces Nadia Calviño at Economy Ministry

Pedro Sánchez has announced that Carlos Cuerpo, secretary general of the Treasury and International Finance, will replace Nadia Calviño at the head of the Ministry of Economy, Enterprise and Trade, following her departure to chair the European Investment Bank (EIB). On the other hand, the Minister of Finance, María Jesús Montero, the PSOE’s number two and until now fourth vice-president, will become first vice-president. The new minister holds a degree…


spanish PM pedro sanchez

The happy Spain that Sánchez sees

Fernando González Urbaneja| Pedro Sánchez proposes an account of his political management full of successes; he contrasts with his predecessors and sees a Spain that had no horizon and was all black until his arrival and then a bright, sunny panorama as a result of his management. It must be assumed that he believes this and defends his work with enthusiasm. After his speech to the press at the Moncloa,…


pensioners

Pensions to rise 3.8% in Spain in 2024

On Wednesday, the Council of Ministers approved a 3.8% revaluation of pensions for 2024, as a result of the average CPI recorded between December 2022 and November of this year. In addition to the general rise of 3.8%, minimum pensions will once again rise above this figure and, according to the new Social Security Minister, Elma Saiz, next year they will increase by between 5% and 14%. The high range…


Nadia proud spain

Court of Auditors warns of opacity of European funds: “There is no data on what reaches the final recipients”

In its Audit Report on the measures of the Administration on the implementation of the Recovery and Resilience Plan, sent this week to Las Cortes – and reported by the newspaper El Mundo – the Court of Auditors calls for more transparency: “There are no published data that allow us to have knowledge of the funds that reach the final recipients”, says the Court of Auditors, despite the execution reports…


Investment

Investment in Spain falls 0.6% in 3Q23 despite European funds

Link| According to the final reading of the data, released by the National Statistics Institute (INE), Spain’s Gross Domestic Product (GDP) grew by 0.3% in 3Q2023 compared to the previous quarter, in line with its preliminary estimate and with the expectations of FactSet’s consensus analysts. In 2Q2023 GDP expanded 0.4% quarter-on-quarter. That of 3Q2023 is the lowest quarter-on-quarter growth rate achieved by Spanish GDP since 1Q2022. In 3Q2023, gross fixed…


Shorts and shares on credit, a problem of information

Eight companies hope to go public in Spain in 2024

The good performance of the stock market in the final stretch of 2023 has fuelled hopes of a recovery in IPOs in 2024, with eight Spanish companies awaiting the evolution of the markets to decide whether to place part of their capital with investors and stock market funds. A long list of Spanish companies are hoping to clear the hurdles to make their IPOs in the coming months: Puig, Hotelbeds,…


FeijooyRueda

PP calls elections in Galicia on February 18

Fernando González Urbaneja| There is no electoral truce. On 18 February the PP will put its majority in Galicia at stake in elections that are being brought forward by five months. The last elections were held in July 2020, coinciding with the Basque elections and following the European elections a year earlier, which produced an unprecedented multi-party result with nine groups winning seats and the PSOE’s 33% majority (thirteen points…


spains economy

Bank of Spain expects Spain’s GDP to grow 2.4% in 2023, 1.6% in 2024 and 1.9% in 2025

Link Securities| The Bank of Spain (BdE) yesterday published its quarterly report in which it released its new macroeconomic forecasts. Thus, BdE analysts now expect Spain’s Gross Domestic Product (GDP) to grow by 2.4% in 2023 (2.3%; previous estimate; 5.8% in 2022); 1.6% in 2024 (1.8%; previous estimate) and 1.9% in 2025 (2.0%; previous estimate). As regards inflation, these analysts now expect inflation to average 3.4% in 2023 (3.6%; previous…