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spain no confidence

Spanish economy 28th October 2020

With The Lack Of Confidence in Spain, The Crisis Is Prolonged

Miguel Navacués | In the 2’Q20 Spaniard’s savings rate on disposable income reached a record high of 31.1%. Investment depends on companies’ expectations, sales and profitability, which increase their value. And it in turn depends on the effective demand, which determines the volume of sales. If there is no sales volume in sight, there is no demand and GDP shrinks. Demand in Spain -except from abroad- is still digesting the collapse due to the pandemic, and the resurgence in cases, amid a climate of permanent mistrust which is prolonging the crisis.

Spain ratings

Spanish economy 27th October 2020

Spain: Expecting The Unexpected

Economists are getting used to expecting the unexpected. The unprecedented fall in Spain’s GDP—seen during the first half of the year—was followed by one of the highest growth rates ever recorded. In the third quarter of the year, quarterly GDP growth was around 14%. The unusual extent of the growth seen during the recovery is mirrored by the atypical way in which it has taken shape. Growth is expected to return to more ‘normal’ levels in the fourth quarter, i.e. about 2%. While this rate is high in comparison with any quarter in Spain’s recent history, it indicates a sharp slowdown.

spain budget 2021

Spanish economy 27th October 2020

Spain’s Reconstruction Budget Plan For 2021 Includes 151% More Spending On Health Care Than At Present

The Council of Ministers today approved the draft General State Budget for 2021, following the agreement reached last night by the coalition government. The proposal will be focused on mitigating the effects of the pandemic’s effects with the largest public expenditure in history. This amounts to 239.765 billion euros – an increase of 10% – including an advance of 27 billion of European funds. Now the most difficult part remains: obtaining parliamentary support for the Budget.

full employment

Spanish economy 27th October 2020

Spain jobless rate soars to 16.26%, despite adding 569,600 jobs in Q3, according to the EPA

The number of employed people increased in the third quarter of the year by 569,600 compared to the previous quarter which saw the greatest impact of the pandemic from confinement. The total number of employed stood at 19.17 million. However, the number of unemployed also increased by 355,000 to 3.722.900, equivalent to a rate of 16.26%, the highest since the first quarter of 2018, according to the Labour Force Survey (EPA) published on Tuesday.

spain poverty oxfam

Spanish economy 26th October 2020

Poverty In Spain Could Rise By More Than 1.1 M People Due To The Pandemic, Warns Oxfam Intermon

The socio-economic consequences of the pandemic could increase the number of people living in poverty in Spain by more than 1.1 million if no further measures are taken, according to new estimates by Oxfam Intermón. With this increase, the total number would reach 10.9 million people, rising from 20.7% of the population before COVID-19 to 23.07% after the impact of the pandemic. At an international level, the organization highlights that for the first time in 20 years, extreme poverty will increase.

Cellnex torreta

Ibex, Markets, Spanish economy 26th October 2020

Cellnex Extends Its International Expansion To Poland, One Of The Strongest Economies In Eastern Europe

Following Cellnex’s recent capital increase of 4 billion euros, the company has reached an agreement with Iliad to acquire a 60% controlling stake in the company that will operate Play’s 7,000 telecommunications sites in Poland. The agreement between Iliad and Cellnex is expected to be closed by Q2 2021. It will allow the company to enter a new market and further consolidate its leadership position in Europe, where it will reach 73,000 telecommunication towers.

spanish food

Spanish economy 25th October 2020

Spain Invests €4 Mn To Promote Spanish Food On The External Market

The Spain Food Nation campaign, coordinated by ICEX, will provide market agents with all the necessary information to promote the international marketing of Spanish food as well as to help the sectors most affected by the health crisis and the effects of US tariffs. It will take place in some 20 countries, and will present Spain as a country that supplies safe food to Europe and the world.

Gran Canaria

Spanish economy 23rd October 2020

UK and Germany Give Back To The Canary Islands The Status Of Safe Destination

The low incidence of the Covid19 virus in the Spanish islands has led the United Kingdom to include again the archipelago in its list of safe air corridors, which will mean that travellers will not need to go into quarantine. For its part, Germany will lift the restriction on travel to the islands on Saturday. Both countries, which are the two largest international sources of tourists to the Canary Islands, will boost the tourist season in a region where this sector accounts for 35% of GDP and 40% of employment.

Caixabank 1

Spanish economy 23rd October 2020

Caixabank Cleans Up Its Balance Sheet Before The Merger: Will Sell €1Bn Of Toxic Assets

Before clompleting its merger with Bankia, Caixabank wants to reorganise its balance sheet and will put up for sale portfolios of problematic assets worth 1 billion euros. The doubtful assets CaixaBank intends to divest have been divided into two portfolios. The first, called ‘Project Hermitage’, is made up of ‘unsecured’ credits valued at some 600 million euros. The second one, under the name ‘Louvre Project’, consists of credits worth some 400 million euros with a real estate guarantee.

Zara

Spanish economy 22nd October 2020

Zara, Banco Santander, The Only Spanish Brands Among The 100 Most Valuable

Zara and Santander are once again this year the only Spanish brands among the 100 most valuable in the world. That said, they are losing positions, according to a new edition of the ‘Best Global Brands’ report. This includes the 100 most valuable brands in the world, as well as the impact of the global Covid-19 pandemic on brand value.Despite the drop in ranking, Zara continues to be the most valuable brand in its sector and Santander remains the most valuable bank in the Eurozone.