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Spanish economy 22nd July 2024

Competitiveness of Spain’s tourism sector: strengths and weaknesses

Judit Montoriol Garriga (Caixabank Research) | Global international tourism has grown very significantly in recent quarters and is very close to recovering pre-pandemic levels: in Q1 2024 it was only 3% below 2019 levels, according to the UN tourism barometer. The Spanish tourism sector was among the first to recover: among the world’s top 10 destinations, Spain was the second country, after Turkey, to surpass pre-pandemic international tourist numbers. Thus,…

Spanish economy 19th July 2024

AIReF revises Spain’s GDP growth upwards to 2.4% for 2024, but only 1.9% and 1.6% for 2025 and 2026

Bankinter | The Independent Authority for Fiscal Responsibility (AIReF) assesses the Government’s Economic Situation Report. It considers the macroeconomic scenario for the years 2024-2027 to be optimistic. AIReF has updated its macroeconomic scenario and projects GDP growth of 2.4% for 2024 (up 0.4pp); 1.9% for 2025; 1.8% for 2026 and 1.6% for 2027 (against 2.4% 2024; 2.2% 2025 and 2% in 2026 and 27 of the Government’s macroeconomic projections announced…

Spanish economy 19th July 2024

Repsol and EDF Renewables to work together on offshore wind off Iberian Peninsula coast

Repsol and EDF Renewables have reached an exclusive agreement to join forces for future offshore wind tenders in Spain and Portugal, given that the Iberian Peninsula offers significant growth opportunities, the two companies said in a statement on Thursday. REP has stressed that renewable generation projects are one of the strategic pillars of the company’s energy transition process. To develop its portfolio of renewable projects, the company has set an…

Spanish economy 19th July 2024

Spanish industry turnover returns to negative rates in May: – 1.4%

Industry turnover fell by 1.4% in May compared to the same month in 2023, according to data released on Thursday by the National Statistics Institute (INE). With the decline in May, industry sales return to negative rates after having registered in April its highest increase since October 2022, with a year-on-year rise of 14.2%.Adjusted for seasonal and calendar effects, industry sales fell by 0.5% year-on-year in the fifth month of…

Spanish economy 18th July 2024

Bankinter: 2Q24 First Take – Sequential NII growth a surprising beat vs. consensus

Jefferies | 3% PBT beat vs. consensus in 2Q24, driven by better NII, fees and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive, with 1% quarter-on-quarter growth (while cons was expecting a step down), as margin dynamics still prove supportive (cost of deposits flat in the Q). Costs were 1% lighter than cons. and trending better than the LSD-MSD year-on-year growth…

Spanish economy 17th July 2024

Engie in home straight to buy Acciona Energía’s renewables assets

Bankinter | Acciona Energia (ANE) and Engie are reportedly in the final phase of negotiations to close the transfer of assets that include a portfolio of 680MW in wind and photovoltaic projects, according to press reports. The transaction could be worth up to €500m. The sale transaction has been open for more than six months. Numerous groups, from pure energy companies to investment funds specialising in renewables, have expressed interest…

Spanish economy 17th July 2024

Government raises ‘spending ceiling’ to record €199,171 million in 2025 and forecasts deficit of 2.5%

The Government has raised the ‘spending ceiling’ to a record €199,171 million in 2025 and forecasts a deficit of 2.5%. It includes a transfer from the State to the Social Security to the amount of €22,800 million, which represents an increase of 7%. Minister Montero explained that this figure of €199,171 million is “quite similar” to that recorded in the previous year -only slightly higher–, given that from now on…

Spanish economy 17th July 2024

Moody’s withdraws Grifols ‘B3’ corporate rating and ‘B3-PD’ probability of default rating among others

Bankinter | Moody’s has stopped rating Grifols’ debt because it believes it has “insufficient or inadequate” information to maintain its ratings. Thus, the agency withdraws Grifols’ corporate rating of ‘B3’ and the probability of default rating of ‘B3-PD’ and the other ratings (senior unsecured debt, secured debt and bank credit lines). Prior to the withdrawal, the outlook was ‘stable’ for all ratings. The Company continues to work with S&P and…

Spanish economy 16th July 2024

Competition authorities to allow Telefónica greater flexibility in commercial fibre offer following market share reduction in Spain

Norbolsa | The National Markets and Competition Commission (CNMC) frees Telefónica from having to notify the launch of new products or promotions before going to market, which will allow the company greater flexibility in its commercial fibre offer. This is because following the ORA-MAS merger and the operator’s shrinking market share in Spain is causing the CNMC to relax its requirements on the operator. The current methodology of the replicability…

Spanish economy 16th July 2024

Czech company Skoda finalizes offer to enter Talgo with support of government

The board of directors of Talgo held an emergency meeting this Monday afternoon, at 8 p.m., to inform its members of the arrival of a “non-binding expression of interest” from the Czech company Skoda Transportation, accompanied by other Spanish players. This operation, sponsored by the Spanish Government, aims to counteract the bid of the Hungarian consortium Magyar Vagon, which has offered €619 million for 100% of the company and which…

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