Spanish Economy News | The Corner .eu

Spanish economy 25th June 2014

Spain produces more than 1m cars, aims +2m

MADRID | The Corner | The production of vehicles in Spain exceeded one million units in 2014, after the 7% growth recorded in May, according to the Spanish Association of Car and Lorry Manufacturers (ANFAC). Thus, during that month, the level of manufacturing reached 232,762 units and the total annualized was 1,065,879 vehicles. During the first five months of the year, the production of vehicles in Spain grew by 11%. ANFAC estimates that the recording of production will reach 2.4 million by the end of 2014.

Spanish economy 24th June 2014

In Spain, local tourism finally competes with foreign one

MADRID | The Corner | Spanish national tourism starts to reactivate: the number of travellers residing in Spain grew at the same rate than the number of residents abroad. The recovery in tourist expenditure of the Spanish households suggests that the private consumption may grow in the 2Q14 –although probably at a slower pace than in the previous quarters (+0.4%). The evolution of the heavy traffic in Spain’s toll motorways also points at a recovery in the domestic demand, which is a necessary component to compensate for the loss of pulse of the external sector and allow a new quarterly advance in the 2Q14 activity (+0.4%).

Spanish economy 21st June 2014

Around 64,400 renewable energy plants hold €45bn debt

MADRID | The Corner | After reducing public subsidies to renewable energies sector from €8.7bn to €7bn a year, Spanish government is not considering a bail-out plan similar to the one rescuing the financial sector with a bad bank as some were longing to.

Spanish economy 14th June 2014

Spanish renewables’claims pile up

MADRID | By Carlos Díaz Güell | Spain has become one of the countries facing more arbitration claims from investors due to the bonus cuts to renewable energy, only behind Venezuela, Argentina and Egypt. And yet the government feels quite calm about it, according to official sources. The last one to sue has been British fund InfraRed Capital Partners. It also litigates for the bonus cut to renewable energy companies,claiming that Spain hasn’t respected legal safety of investors, violating the Energy Charter and expropiating them of their rights.

Spanish economy 14th June 2014

Morgan Stanley: “Is already Spain the new Germany?”

MADRID | By The Corner | Spain’s public debt grew 7.12 percent in 1Q14 to 989.9 billion euros, which is 96.8 percent of its GDP. The government’s debt went up 8.4 percent from the first three months of 2013 to 864 billion euros, accounting for by far the largest share of the total, according to Bank of Spain figures published Friday. Morgan Stanley analysts emphasize the changes of macroeconomic prospects and the increase of forecasts in peripheral countries. From its analytics department, growth levels for Spain, Portugal and Ireland were raised on Monday.

Spanish economy 13th June 2014

Spain to start repaying banking bailout loan

MADRID | The Corner | Spain will complete a first payment of the EU loan for the rescue of its financial system amounting to 1.3 billion euros, even if the first payment of interests was scheduled for 2022. Severely hit by the economic crisis, in 2012 the country took a nearly €42 bn loan of the €100 bn line arranged by the EU to bail its banks.

Spanish economy 3rd June 2014

Spain’s Social Security blossoms with 200,000 new contributors

MADRID | By Fernando G. Urbaneja | May unemployment and social security registration data in Spain are the best monthly as well as yearly, and even regarding the end of current year since 2007. Although jobless rate is still painfully high, more than 26%, the trend is changing.

Spanish economy 3rd June 2014

Spanish Stock Exchange’s trading volume grows by 49.8%

MADRID | By Julia Pastor | The operator of all Spain’s stock markets and financial systems BME has a couple of good reasons to celebrate. The company’s trading volume increased by 49.8% on a y-o-y basis to €72.2 bn in May, as the so-called Tobin tax on foreign exchange transactions has recently been postponed by 2016. This tax could cut BME’s volume by near 10%.

Spanish economy 27th May 2014

Spanish socialist leader to resign after worst-ever results

MADRID | The Corner | After their sweeping defeat at the European polls, both Spanish ruling conservative Popular Party and the Socialists have switched to a crisis management mood. The first prominent victim was Socialists’ leader Alfredo Pérez Rubalcaba, who announced his resignation on Monday. The party will choose new leaders at an extraordinary meeting on July 19 and 20.

Spanish economy 16th May 2014

Spain’s public debt nears €Tr record- but still attracts investors

MADRID | By Francisco López | In the midst of the euro crisis, Spanish political leaders and some economists showed off about good figures of Spain’s public debt compared to Italy’s. Then, this indicator was a good example that reflected the strengh of national public finances. Now it has turned into a constraint, although fortunately investors do not doubt on the country’s ability to pay back.