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Spanish economy

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.

Spanish España.

Spanish economy 31st August 2020

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

Spanish economy 30th August 2020

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

Spanish economy 27th August 2020

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.

madrid nuevo norte

Spanish economy 7th August 2020

Madrid To Build The Largest Urban Project In Europe Over The Next Decade

Madrid Nuevo Norte, the urban development in the north of the capital, received the latest and final approval in July. The project has been in the pipeline for 27 years, and now, coinciding with the health crisis, it is ready to go ahead in early 2021. This is considered the largest urban transformation initiative in Europe over the next decade and is a morale booster for Spain’s depressed construction sector after the strict confinement period.

Spain has highest proportion of contracts of 6 months or less

Spanish economy 4th August 2020

Spanish Unemployment Drops For The First Time Since February: 89,849 People Find A Job In July

The labour market figures in July are very good thanks to the reopening of services and the return of tourism to Spain. Unemployment fell by 89,849 people, the first drop since February.The number of people still affected by temporary layoffs schemes (ERTEs) is now just over one million and the Social Security affiliation average membership is still rising. However, only 17% of the jobs destroyed have been recovered.

spain modernisation

Spanish economy 30th July 2020

Spain Needs A Big Modernisation Operation To Gain Productivity

Fernando G. Urbaneja | Before the pandemic, the Spanish economy showed signs of weakness and exhaustion, which are now considered as pronounced. Spain needs a major modernisation operation to gain productivity, to generate stable employment and add value. And this is not being talked about much. Many decrees but no script, no basic project, no fine print. European funds are important, but knowing how to avoid wasting them, is even more important.