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Spanish economy

Spanish economy 26th August 2014

Merkel supports Luis de Guindos to be the next President of the Eurogroup

MADRID |The Corner | After a meeting between Mariano Rajoy and Angela Merkel in Santiago de Compostela, the German chancellor gave her support to the candidature of the Spanish Economy Minister, Luis de Guindos, to succeed Jeroen Dijsselbloem as President of the Eurogroup. As Barclays analysts comment, “with Italy’s and France’s leftwing governments and UK in or out of the EU, Spain is now a more attractive partner.” Regarding Germany, Angela Merkel recognised that the crisis in Ukraine is damaging the German economy. Nevertheless, Merkel affirmed that she forecasts a good annual growth if nothing dramatic happens.

Spanish economy 22nd August 2014

Spanish construction sector will grow in 2015 for the first time in 6 years

MADRID | The Corner | The construction sector in Spain will grow next year by 1% compared to 2014, according to Cesce, a company specialized in credit services and commercial risk management. Thus this growth will change the downward trend that had maintained the sector during the last six years. According to Cesce, the building will boost the sector but the public works and engineering will have to reach the bottom and it will not start to recover until 2016, when it will reach 3% growth YoY.

Spanish economy 22nd August 2014

Spanish Treasury bills trading at negative rates for the first time in history

MADRID | The Corner | Although the eurozone economy in August has become the main focus of investors’ concern, peripheral debt continues to attract them. Yesterday, for the first time in history, the Spanish Treasury 3-months bills traded at negative rates on the secondary market. To date, the Treasury has covered 70% of the expected gross issuance in 2014 of 242,370 million euros, which means a decrease in the average cost of outstanding debt of 14 basis points since December 2013 to stand at 3.59% . However, the Treasury decided yesterday to cancel the auction of bonds and notes scheduled owing to the absence of investors because of the summer season.

Spanish economy 21st August 2014

Spain registers the highest EU construction growth in 2Q

MADRID | The Corner | Spain was the EU28 member state with the highest increase in the production in construction during the 2Q, with an increase by 7.0% YoY, according to first estimates from Eurostat. Moreover, Spain was the fourth country in the EU28 with the biggest increase in the production in June, with a growth of 6.8%. However, the construction experienced a decline of 2.9% in June in comparison to May, which represents the second biggest monthly decline of this variable among the EU28 member states. In June compared with May 2014, seasonally adjusted production in the construction sector fell by 0.7% in the euro area and by 0.3% in the EU28.

Spanish economy 14th August 2014

Spain’s growth beats its EZ larger peers in the 2Q

MADRID | The Corner | Spain’s GDP expanded by 0.6% in the 2Q of 2014 over the previous quarter, the fastest pace in the Eurozone after Latvia’s growth (+1%). With Portugal (+0.6%) and Netherlands (+0.5%), Spain becomes one of the best economic performers in the eurozone during this quarter. Moreover, according to the figures published today by Eurostat, the Euro area has stalled in the 2Q, especially as a result of the contraction of Germany, the Italian fall into recession and France’s stagnation. Meanwhile, the Greek economy contracted by 0.2%, the lowest drop since 3Q 2008 and it could show that the country is meeting its full year growth target of 0.6% for 2014.

Spanish economy 5th August 2014

Spanish services sector keeps giving good news in July

MADRID | The Corner | The headline seasonally adjusted Business Activity Index rose to 56.2 in July from 54.8 in June to signal a faster increase in activity at Spanish services companies during the month. The sharp expansion in activity extended the current sequence of growth to nine months and Spanish service providers saw new business increase at the sharpest pace since late-2006.

Spanish economy 4th August 2014

Spanish unemployment rate falls for sixth straight month

MADRID | The Corner | The unemployment rate in Spain falls in July by 29,841 people and drops for six consecutive months. The total number of unemployed stands at 4,419,860. For the first time, unemployment is below the 4.42 million that the current executive found when it came to power. Regarding to the nature of the employment created, it is important to highlight the growth of indefinite contracts by 18.41%. The cumulative reduction of unemployment in the first 7 months of the year (281.478 people) is the largest since 1998. In seasonally adjusted terms, unemployment registered in July grows in 32,357 people, a figure which corresponds to the time series trend, where since 2000 the seasonally adjusted unemployment always increases in July, with the only exception of 2004.

Spanish economy 28th July 2014

Foreign tourists in Spain spend 7.8% more until June

MADRID | The Corner | They keep coming and, more important, they spend more money, which adds to the recovery. Foreign tourists visiting Spain spent €2.63 billion in the first semester, a 7.8% more than in the same period of 2013, according to official data. British citizens are the biggest spenders, followed by the Germans. Tourism is a crucial sector of Spanish economy, accounting for more of 10% of GDP.

Spanish economy 24th July 2014

Spain: Barclays see growth and employment improving in Q2

MADRID | The Corner | Ahead of INE’s official release of Q2 growth, Bank of Spain (BdE) published on Wednesday its estimate in its economic bulletin. The central bank estimates that economic activity in Q2 accelerated to 0.5% q/q from 0.4% q/q in Q1, driven by positive contributions from both domestic and external demand. BdE has also revised upwards its annual growth projections for 2014 and 2015 to 1.3% and 2%. These estimates coincide with ours, both for Q2 14 and for 2014-15, analysts at Barclays point out.

Spanish economy 24th July 2014

Madrid saps Catalonia fiscal claims

MADRID | By J.P. Marín Arrese | Spanish Finance Ministry published on Thursday a regional breakdown of public income and expenses, aimed at rebuking unfair fiscal claims from Catalonia’s regional government. The move comes a few days before its chairman, Artur Mas, meets Prime Minister Rajoy in a last ditch attempt to defuse the current rift over self-rule. It has already being hotly contested by Mr Mas, as an open challenge to his core request for better budgetary treatment. It will hardly contribute to a favourable climate before that key meeting by closing the door to any face-saving outcome based on buying time in exchange of extra money.

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