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Spanish economy 23rd April 2015

Spain unemployment rate climbs to 23.78% although more jobs reported

The Corner | April 23, 2015 | The number of unemployed Spaniards decreased in the first quarter of 2015 by 13,100 people, and reached the figure of 5,444,600, according to the official Employment Active Population survey released on Thursday (23.78% of the active population). “The employment survey seems to be the only one of which the government is not afraid,” famous radio host Carlos Alsina ironized, referring to Mr Rajoy’s cabinet struggle to contain the fallout from a tax investigation against former senior leader of the party and IMF head Rodrigo Rato.

 

 

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Spanish economy 18th April 2015

After years of hard assessment, is Spain the IMF’s new favorite?

The Corner | April 18, 2015 | The IMF raised growth expectations for all the major economies in the Eurozone – especially Spain to 2.5% in 2015 and 2% in 2016- and for Japan. The new figures, the sixth improved forecast in a row– are more aligned with Madrid expectations (2%, although the Minister of Economy even forecasts a 3% growth). Low oil prices, the euro depreciation and the ECB’s monthly liquidity shots are the three aces of the Spanish government, who is hoping to retain the power in the next general election despite the popularity of new parties.

Santander US holding

Spanish economy 8th April 2015

Santander share price returns to €7 territory

MADRID | April 8, 2015 | By Fernando G. Urbaneja | Earlier this year, Santander announced a capital increase of €7 billion through an accelerated book building offer to institutional investors at a 12% discount on the traded share price, which was between €6-€7. Within hours, the new shares were sold and existing shareholders were left as bystanders once they had authorised the board to waive their preferential subscription rights.

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Spanish economy 7th April 2015

Spanish PMI rebounds

The Corner | April 7, 2015 | Analysis from Barclays | Spanish composite PMIs rebounded to 56.9 (+0.9 point) in March, as services PMI overshot expectations (57.3) and manufacturing output remained broadly stable (55.5). The services sector’s solid performance (PMI at an eight month high) was primarily triggered by stronger new business.

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Spanish economy 6th March 2015

Funcas predicts stronger growth in Spain

The Corner | March 6, 2015 | In yet more positive news for the Spanish economy, influential foundation FUNCAS has revised its growth projections upwards for 2015 to 3%. Increased consumption and an improvement in the construction sector are the chief reasons for the upward trend. 

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Spanish economy 23rd February 2015

NPLs continue to decline in Spanish banking sector

MADRID, February 20, 2015 | The Corner | Non-performing loans in Spain continue to decline, with the total ratio of bad debts now standing at 12.5% of total outstanding loans. The figures represent the fourth consecutive decline in non-performing loans and now stand at the lowest level since September 2013. The figure is over 100bps less than the 13.6% recorded in December 2013, in spite of overall lending falling by -4.6%.