Spanish economy

exports gorgeous

Spanish exports fall 6.4% in November

Luis Alcaide | Spanish merchandise exports did not perform well last November, falling by 6.4% year-on-year in euros. This is compared to a decline of 4.1% in the eurozone, 2.7% in Italy, and 5.1% in France. Imports also recorded a decrease of 3.7% compared to November 2023. The export-import coverage rate stands at 86.4%, one of the lowest levels in the last decade for the month of November. The year-on-year…


merlinproperties cartelCM

Government could limit REITs regime: Merlin and Colonial to be little affected by focusing on malls and offices

Intermoney | The President of the Government, Pedro Sánchez, announced on Monday his intention to restrict the REITs regime except in the case that the companies promote housing at affordable rents. This measure is one of 12 that the president announced with the intention of tackling the current housing crisis. Specifically, Sánchez declared: “We are going to change the regime of tax advantages that the so-called REITs have. Why? So…


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Spain: Labour costs rise by 18.5% more than gross salaries over five-year period due to increase in contributions

El Economista | An average salary of €26,555 gross per year is associated with an additional labour cost of €9,340 totaling €35,900 by the end of 2023. In 2018, before the surge in labour costs, a company paid €30,880 in labour charges for a gross payroll of €23,000. Thus, while the gross salary has increased by just over €3,500, total charges have risen by €5,900. In summary, companies today pay…


HBX Group

HBX Group working on IPO

Link Securities | HBX Group, a tourism company formerly known as Hotelbeds, dedicated to the sale of hotel rooms and flats to tour operators and travel agencies, is working on its IPO, according to Expansión newspaper. The structure will prioritise the capital increase tranche (for about €700 – 750 million) over the sale of securities (for up to €500 million euros) by its shareholders, Cinven and CPPIB, as they aim…



se alquila

INE publishes indicator limiting rise in rents for first time: 2.2% for 2025

Bankinter | The National Statistics Institute (INE) has published for the first time the indicator that limits the rise in rents. It places it at 2.2% for 2025, below inflation, which reached 2.8% year-on-year in December (preliminary), and the underlying rate (2.6%). The index is defined as the minimum value between: (i) year-on-year change in the CPI; (ii) year-on-year change in the core CPI; and (iii) a third variable incorporating…


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Ence updates decarbonisation plan and raises absolute emissions reduction target to 75% by 2035

Alphavalue / Divacons | The paper and energy group has updated its Decarbonisation Plan by increasing the level of reduction of Scope 1 and 2 emissions by 2035, setting targets for 2030 as an intermediate milestone and also incorporating targets to reduce indirect Scope 3 emissions. Specifically, the company, based on the 2018 financial year, increases the level of ambition of the target set for 2035 from a group-wide reduction…


endesa novisimo

Renewable energy connected to Endesa’s grid exceeds 30 GW, enough to supply almost 20 million homes

CdM | Endesa, through its network subsidiary, e-distribución, has exceeded 30 GW of distributed renewable capacity connected to its distribution grid, enough to supply the consumption of almost 20 million homes and avoid the emission of close to 30 million tonnes of CO2. These are installations of small and medium-scale renewable energy producers and self-consumption which, in recent years, have been increasing their weight on the renewable generation map in…


vivienda españa

Mortgage lending accelerates in Spain: mortgages taken out grow 60.8% year-on-year in October

BancaMarch | Mortgage lending is accelerating in Spain. According to figures from the National Statistics Institute (INE), October was a historic month with a strong increase in mortgage activity. In October the number of mortgages taken out on homes grew by no less than 60.8% year-on-year (51,535 mortgages), making it the month with the highest number of mortgages granted since September 2010. The average amount of these operations stood at…


Spain EUFunds

Spain grows 3.3% year-on-year in 3Q24, but moderation expected in 4Q24 with added difficulty of DANA impact

Bankinter: 3Q GDP (final) grows 3.3% year-on-year (versus 3.4% year-on-year preliminary and 3.2% previous),while in quarter-on-quarter terms confirms 0.8% quarter-on-quarter preliminary (and 0.8% previous). Link to the document. Analysis team’s view: Our estimates for the year anticipate 3.1% year-on-year growth, following the strength confirmed in the first 9M of the year (with a slight year-on-year change in Q3, but maintaining 0.8% quarter-on-quarter and projecting 2.2% year-on-year for 2025. We estimate…