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Spanish economy

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Spanish economy 5th May 2014

Spanish debt doesn’t have a long projection, Bankinter analysts forecast

MADRID | By The Corner | When the nominal yield of Spanish 10-year-bonds stands under 3% despite the increase of interest rates in core countries such as the US, Spanish analysts at Bankinter depart from the script and recommend to give up the idea of buying the country’s sovereign debt. Since they introduced this strategy at the end of 2012, Spain’s benchmark securities went down from more than 5.5% to current less than 3%.“We estimate bond returns of 2.7% by 2015, so public debt would have not room to decrease yet,” they explain.

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Spanish economy 29th April 2014

What if Iberdrola got rid of some Spanish supply assets?

MADRID | By Julia Pastor | First Spanish energy company in terms of market value Iberdrola- which is also fifth in Europe- is likely to sell 25% of its Spain’s supply business. Iberdrola said earlier on Tuesday that “to date, the company has not made any decision in connection to divestments of its assets.” If finally confirmed the eventual sale could be seen as response to the Spanish energy reform which strongly affected renewables. The firm already announced investment cuts in Spain for the next two years and an increase in the UK.

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Spanish economy 29th April 2014

Jobless queue shrinks in Spain, but 26% rate still dents recovery

MADRID | By Fernando G. Urbaneja | New employment data released on Tuesday still point to a draining situation in the eurozone’s forth economy. Employment destruction speed is simply slowing, not stopping. Unemployed queue shrank by 2,300 people, to 5.93 million, and rate climbed to 25.93 percent in the first three months of 2014, up from 25.73 percent in the previous quart. Something that is sharply denting the economic recovery. 

Bank of Spain

Spanish economy 25th April 2014

Spain reaches 0.4% GDP 1Q growth –the fastest rate in 6 years

MADRID | By Julia Pastor | Spain grows slowly but at a firm pace. Bank of Spain estimates that the country’s GDP increased by 0.4% in the first three months of present year against previous quarter when it rose 0.2%. This also means that year-on- year rate climbs by 0.5% reaching positive territory for the first time after nine consecutive quarters falling. After a painful recession, the government was euphoric to announce the biggest leap forward in six years.

 

Gamesa

Spanish economy 25th April 2014

Spanish Gamesa plants Finland’s most powerful wind turbines

MADRID | By Julia Pastor | Spain’s manufacturer Gamesa opened earlier this week its first wind farm in Finland. This operation is strategic for the firm because of the Nordic country’s market- it could install about 1,550 MW of wind energy in next four years-. Beating Danish Vestas, the largest firm of wind turbines in the world, makes the project even more noticeable.

 

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Spanish economy 22nd April 2014

Bad debt in Spain decreased by €2bn after 3 years rising

MADRID | By The Corner | NPLs in Spain’s banking sector fell by 9 basis points to 13.6% in February. This means just a slight contraction, but it’s still the first drop in terms of standardization since the crisis began. Indeed, the rate has not been affected this time by the transferral of real assets to the bad bank Sareb of 2012 and 2013 or the methodology changes fixed in at the beginning of present year.

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In Europe, Spanish economy 16th April 2014

Spain: Optimism, ma non troppo

BARCELONA | By Joan Tapia | Optimism over Spanish recovery should be refined. The so much discussed but effective economic management of Spain’s government is not well transferred to political confidence. As citizens place their political confidence at 29.5 points against 29.9 points of trust in the economy,  businessmen have gone in terms of political confidence from a poor 2.16 to another poor 2.33.

Real state

Spanish economy 9th April 2014

Spanish housing market 180º turn

MADRID | By Julia Pastor | The wretched Spanish housing market has been giving timid but solid signs of recovery. Last data point to an investment increase of 60% to €4 bn which will mainly be led by international investors, as appraisers at Spanish Tinsa reported. Meanwhile, midcap Colonial symbolizes the falling as well as the revival of national property sector thanks to a new debt refinancing contract signed partly with sovereign funds and a capital increase entered by foreign investors.

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Spanish economy 4th April 2014

Spain reaches surplus for the first time in 15 years

MADRID | By Julia Pastor | When the crisis began in 2007 Spain’s external deficit was over 10% of GDP. It was along with U.S the highest in the world. The country’s economy, however, closed year 2013 with financing capacity for the first time since 1998, reaching to 1.5% of GDP and amounting €15.6 bn. This means Spanish external position shifts direction, thus being capable not only of paying its debt but also generating money for other countries to lend.