Spanish economy


unemployed august

Spain Manages To Create Jobs In August For The first Time In The Historical Series

The Social Security affiliates increased in August by 6,822 on a monthly average after rising by 161,217 in July. This is the first increase in an eight month of the year since the historical registers started in 2001. “In August there is usually a sharp drop in affiliation due to the destruction of many seasonal jobs at the end of the month, but this year jobs have recovered due to the progressive re-opening of companies”, says Funcas.


Telefonica 5G networks

Telefónica To Extend The 5G Network To 75% Of The Population This Year

As of today, Telefónica’s 5G network is available in all the autonomous communities, with outstanding hyperconnectivity in European terms as a result of its combination with fibre optics. According to Telefónica chairman José María Álvarez-Pallete “5G will bring huge benefits for Spain. This is a golden opportunity for our country to lead the Fourth Industrial Revolution”. This move will enable 75% of the Spanish population to obtain access to this new technology by the end of the year.


balearic islands palma

International Tourism In Spain Plummets 75% In July With A Drop In Spending Of Almost 80%

Dramatic. This is the best way to describe the decline of foreign tourism in Spain. The figures for international visitors between June and July showed that Spain has lost more than 16 M foreign tourists and over  €19 Bn in tourist spending. In the month of July specifically – the first full month since the end of the State of Alarm – 2.46 M foreign tourists arrived in Spain, 75% less than in July 2019. Meanwhile spending stood at €2.45 Bn, down 79.5% from a year earlier.


credit suisse

Credit Suisse Will Move Its Investment Banking To Madrid After The Brexit

The Swiss bank applied for a license from the Bank of Spain and the European Central Bank in July to convert the securities broker dealer they own in Spain into a bank. “It is a process that will allow us to create a European hub to concentrate many of the investment banking activities,” said Wenceslao Bunge, Credit Suisse’s head for Spain and Portugal. The bank expects to obtain the license within a year and be fully operational by mid-2021.


Nadia proud spain

The New Term Starts In Spain: Renewed Growth Goals, Temporary Layoffs Extension And Preparation Of 2021 Budget

Nadia Calviño, Minister of Economic Affairs expects, “with all due caution and prudence,” third quarter GDP growth of 10%, in addition to an improvement in employment data. At the same time, Prime Minister, Pedro Sánchez anticipated that the aid Spain will receive from the EU Recovery Fund (€140 Bn) will add 2 percentage points to the GDP in the long term.


spanish coast property

Foreign Demand For Housing, Key To Spain’s Sector’s Recovery

Caixabank Research | In recent years, purchases by foreigners have been fundamental in boosting Spain’s real estate sector, especially in large cities and tourist areas. In 2019, foreigners bought almost 63,000 homes in Spain, accounting for 12.5% of total purchases according to the College of Registrars. We can observe that Q1 sales to foreigners totalled 14,850, down by 6.4% year-on-year. The decline in property purchases by UK citizens (–14%) is particularly large.


Spanish España.

Spain: More Uncertainty, More Saving

Not everything is falling in Spain. Uncertaint y has triggered a surge in savings and according to data from the Bank of Spain (BdE), Spanish household deposits, which rose by 0.08% in July compared to June, amount to € 892.8 billion, up by 7.13% when compared to the same month in 2019.


Pedro Sánchez falls short of majority but will likely prevail tuesday

COVID-19 Has Put Catalan Politics On Hold

Talks about transferring more power to the region, which Prime Minister Pedro Sánchez promised in return for the support of Catalonia’s Republican Left, were postponed when COVID-19 broke out in March and have yet to be rescheduled. So do snap regional elections Catalan president Quim Torra called for in January.


sector auto spain

Spain: Foreign Trade Doing Well Enough

Luis Alcaide (Capital Madrid) | Spanish exports increased in June by 29.3% when compared with May and even higher when compared with March. However, in year-on-year terms, foreign sales fell by 9.2% compared with June 2019. We are still far from the figures before the coronavirus hit, but they mark an improvement when compared to the ones of the three months prior to June 2020, the period of confinement. On the other hand, in terms of purchases from the rest of the world, imports are also up on the previous months, confirming a recovery in demand. However, in year-on-year terms, imports fell by 20%. So in this import-export game, Spain’s traditional trade deficit turned into surplus in June.