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Spanish economy

european union flag

Spanish economy 7th September 2020

Spain Expects To Receive The First Tranche Of The SURE Fund Before 2021

Banca March | Pedro Sanchez’s government hopes that the European Council will approve the Commission’s proposal on the SURE fund this September, in order to access the first tranche of financing this year. Spain’s request for financing in the first tranche is valued at 21.325 billion euros and is already approved by the European Executive. This will be used to cover the expenses associated with employment until September 30th.

Bankia

Ibex, Markets, Spanish economy 4th September 2020

Bankia And Caixabank Will Create The Largest Bank In Spain, Streets Ahead Of BBVA And Santander

Bankia and Caixabank have communicated that they are at a preliminary talks stage for a possible merger that would be carried out through an exchange of shares. For the time being, no agreement has been reached. The merger would create a lender with total assets of €664 Bn (according to data from Q2’20). So it would be the leading Spanish bank by volume of assets. It would combine a network of offices (including those of CaixaBank’s Portuguese subsidiary) with 6,700 branches and staff of over 51,000.

unemployed august

Spanish economy 3rd September 2020

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

Spanish economy 3rd September 2020

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

Spanish economy 2nd September 2020

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

Spanish economy 1st September 2020

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

Spanish economy 1st September 2020

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

Spanish economy 1st September 2020

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.