CdM | Public administration debt stood at 103.4% of gross domestic product (GDP) in June, down 1.9 percentage points from a year ago, according to data from the Excessive Deficit Protocol (PDE) published by the Bank of Spain. In absolute terms, the debt balance stood at €1.691 trillion in June, with an interannual growth rate of 4%. By subsector, the State debt balance stood at €1.534 trillion, with an interannual…
CdM | The General Business Turnover Index (ICNE) rose by 6% in June, marking two consecutive months of increases, according to data from the National Statistics Institute (INE). This figure represents the highest rate since last March and is almost five points higher than in May. Adjusted for seasonal and calendar effects, company turnover in June showed a variation of 5.1% compared to the same month last year. The indices…
CdM | Inflation rose four tenths of a point in July, when the Consumer Price Index (CPI) stood at 2.7% year-on-year, mainly due to higher electricity and fuel prices, according to final data published by the National Statistics Institute (INE). In detail, the groups that stood out most for their influence on the increase in the annual rate were housing and transport. In the case of housing, the annual rate…
Bankinter | The number of unemployed fell by 1,357 in July, from 48,900 in June. Unemployment stands at 2.40 million people (down 0.06% month-on-month and 5.71% year-on-year). Seasonally adjusted Social Security enrolment stands at 21.6 million people (up by 31,080 workers, 0.14% month-on-month and 2.24% year-on-year). Bankinter analysis team’s view: The number of unemployed fell slightly in July, compared to the slight upturns in August in recent years. The number…
Link Securities | Hotel revenues continue to rise, driven by positive tourism data—which continues to break records—and higher rates, according to the newspaper Expansión. According to the Hotel Sector Barometer, compiled by STR and Cushman & Wakefield, Spanish hotels increased their revenue by 6.9% in 1H2025, at a time when occupancy stabilised at peak levels. Specifically, during the period, hotel occupancy stood at 73.1%, which translates into 0.4% more than…
Singular Bank | According to the Ministry of Economy, Trade and Business, in May, Spanish exports increased by 2.7% year-on-year, reaching €34.999 billion, with capital goods sales (24%) and lower energy exports (down 32.7%) standing out. At the same time, imports rose by 3.1% to €37.5423 billion, with the largest increases in purchases of capital goods (14.8%), cars and parts (4.9%) and raw materials (10.7%). Given this development, the Spanish…
Alphavalue /Divacons | Spain received more than 52 million international air passengers in the first half of 2025. This figure represents an increase of 6.4% compared to the same period last year, according to data from Turespaña released on Friday by the Ministry of Industry and Tourism. According to Turespaña, Spain has broken records with more than 100 million international air passenger arrivals in 2024 and expects to strengthen its…
Link Securities | Activist fund Elliott Management, which last March burst onto the scene by acquiring a stake in Repsol, Spain’s leading oil company, continues to climb the ranks, Expansión reports today. According to National Securities Market Commission (CNMV) records, it now holds 1.35% of Repsol’s capital, which at current prices is equivalent to an investment of almost €200 million. In half a dozen successive transactions since March, the fund…
CdM | Spain received 9.4 million international tourists in May, 1.5% more than in the same month last year, whose total expenditure reached €12.254 billion, an increase of 4.9%, according to data published by the National Statistics Institute (INE). The United Kingdom was the main country of residence, with almost 2.1 million tourists and an increase of 7.3% compared to May 2024. France accounted for 1.2 million (down 6.7%) and…
Renta 4 | Banco Santander (SAN) has reached an agreement with Banco Sabadell for the purchase of TSB. The payment will be made entirely in cash for an amount of £2.65 billion (cclose to €3.1 billion versus €2.5 billion R4 estimate). They estimate that cost synergies of >£400 million will be achieved by 2028 (c.€470 million), representing 13% of the combined cost base of both banks in 2024. To this…