Spanish Economy News | The Corner .eu

Spanish economy, Spanish Politics 22nd May 2023

Different paths on pension reform in France and Spain lead to mixed results

Jakob Suwalski (Scope Ratings | France and Spain have enacted pension reforms this year to put their pension systems on a sounder financial footing and boost employment, but doubts remain about their long-term sustainability and impact on the economy, given their similar demographic trends. The content of the reforms is also different. France (AA/Stable) aims to rebalance its pension system by raising the statutory retirement age from 62 to 64…

In Spain, Spanish economy 22nd May 2023

Spanish housing sales record second fall in March, down by 5.7%

Alphavalue/DIVACONS| Housing sales recorded a declining rate of 5.7% year-on-year in March to a total of 55,778 operations, in a context of higher interest rates to contain inflation, according to the National Statistics Institute (INE) on Thursday. With this year-on-year decline, housing sales are now showing two successive months of negative rates after declining by -6.6% in February. On the other hand, the Denaria platform branded as “abusive and arbitrary”…

Spanish economy 19th May 2023

Inflation triggers record €102 billion exports and €109 billion imports in Spain in 1Q23

Spain’s trade deficit in the first quarter of 2023 was €6.578 billion, a 57% decrease compared to 1Q22, according to data published by the Ministry of Industry. The energy deficit fell by 25.6% to €8,217.6 million, compared with €11,052 million in 1Q22, while the non-energy balance showed a surplus of €1,639 million compared with a deficit of €4,634 million in 1Q22. Spanish merchandise exports increased by 14.6% up to March,…

Companies, In Europe, Relevant News Item, Spanish economy 18th May 2023

Talgo signs second contract with Deutsche Bahn to supply 56 trains for around €1.3 billion

BSabadell : According to press reports, Deutsche Bahn has awarded Talgo (TLGO) a contract for the supply of 56 additional trains, which it is understood are of the Talgo 230 model and which would form part of the contract it is currently executing (23 trains worth €550 million). At the prices of the first order the contract could exceed €1.3 billion (~40% of Talgo’s current portfolio). Assessment: If the news…

Spanish economy, Spanish Politics 18th May 2023

Spain’s debt rising by €6,795 million per month and reaches record €1.535 trillion

According to the Bank of Spain (BdE), the debt of Spain’s public administrations as a whole increased by 1% in March compared to February, reaching a record high of €1.535 trillion, bringing it to 113% of GDP (113.2% at the end of 2022) – the BdE uses the nominal GDP of the last four quarters for this calculation. In the last 12 months, Spain’s public debt has grown by 5.6%…

Relevant News Item, Spanish economy 18th May 2023

Naturgy buys Ardian’s renewable assets in Spain for €536 million

Naturgy has won the bid for the renewable assets of the French fund Ardian in Spain. The company headed by Francisco Reynés has announced today the acquisition of 100% of ASR Wind, which has a total of 422 MW distributed in 12 wind farms in operation in Spain. The transaction also includes a pipeline of solar hybridisations of up to 435 MW, which are at an advanced stage of development…

Spanish economy, Spanish Politics 17th May 2023

IEE think tank predicts Spanish businesses to pay highest contributions in Europe after Escrivá’s pension reform

Minister José Luis Escrivá’s recent pension reform will leave a public deficit of up to €22,000 million in the public coffers in 2023 alone, with its consequent negative effects on employment, growth and the competitiveness of the Spanish economy. This is what is stated in the latest report by the Institute of Economic Studies (IEE in its Spanish initials), which, under the title “La subida de las cotizaciones sociales (The…

In Spain, Spanish economy 16th May 2023

Brussels raises Spain’s growth forecast to 1.9%

The European Commission (EC) calculates that the Spanish economy will grow by 1.9% in 2023, five tenths above the winter forecast, and above the 1.1% forecast for the Eurozone and the 1% forecast for the European Union (EU) as a whole. Spain’s growth forecast for 2024 remains at 2%. The EC also reduced the Spanish inflation forecast to 4% for the current year, four tenths of a percentage point lower…

In Spain, Spanish economy 12th May 2023

Inflation confirmed at 4.1% in April, core inflation falls to 6.6% (vs. 7.5% previously)

Bankinter: April CPI (final) confirms +4.1% year-on-year preliminary announcement from +3.3% in March. In month-on-month terms it remains at +0.6% m/m preliminary (from +0.4% previously). The groups most affecting the monthly rise are Footwear and Clothing, Accommodation and Leisure Services. While Housing declined due to lower gas and electricity prices. Core CPI also remains at a preliminary +6.6% year-on-year and from +7.5% year-on-year previously. Annual CPI rateGeneral and core rate….

Spanish economy, Spanish Politics 12th May 2023

Chaos in Social Security, unions call first strike in history

José Luis Escrivá will go down in history as the minister whose trade unions called the first ever strike in the history of the Ministry of Inclusion, Social Security and Migration. Staff shortages, delays in appointments and in the recognition of benefits, the closure of offices, and non-compliance with the agreements signed with the trade unions. For all these reasons, the trade unions CSIF and CC.OO. have called partial strikes…