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Spanish economy 22nd January 2024

Minister for Transport and Sustainable Mobility sees Aena being authorised to raise airport taxes by 4.09% as “inexorable”

Link Securities| The Minister of Transport and Sustainable Mobility, Óscar Puente, sees it as “inexorable” that Aena (AENA) will be authorised to raise airport taxes by 4.09% as of 1 March, according to the newspaper Expansión. “It is a listed company and we must apply the rules that we have given ourselves, for legal certainty”, he said during his speech at an event of the New Economy Forum. This increase,…

Spanish economy 22nd January 2024

Spanish banks’ profitability rises to 11.92% in 3Q23, now at all-time high, says Bank of Spain

CdM | Spanish banks achieved an annualised return on equity of 12.3% in the third quarter of 2023, compared to 11.92% in the previous quarter and 10.25% in the same quarter of 2022, according to supervisory statistics on credit institutions published on Friday by the Bank of Spain, and reported by Europa Press. This profitability figure is still far from the 14.88% recorded in the first quarter of 2021, although…

Spanish economy 22nd January 2024

Naturgy chairman praises Blackrock: “there is alignment of interests and long-term vision”

Alphavalue/DIVACONS| The president of the energy company, Francisco Reyes, praised Blackrock for giving stability to the companies and affirmed that “there is alignment of interests and long-term vision”. He said this in an interview on Thursday at the 54th annual meeting of the World Economic Forum in Davos (Switzerland) and in the wake of Blackrock’s acquisition of the US fund Global Infrastructure Partners (GIP), which owns a 20% stake in…

Spanish economy 20th January 2024

BBVA chairman says banking tax is damaging economy and confirms 40-50% payout

Link Securities| The chairman of BBVA (BBVA), Carlos Torres, said that the bank tax damages the Spanish economy and should not exist, because it negatively affects the volume of loans and reduces GDP growth, in an interview with the newspaper Expansión, on the occasion of the World Economic Forum in Davos (Switzerland). The executive defends that the Spanish banking sector is efficient and competitive and does not enjoy extraordinary profits….

Spanish economy 19th January 2024

Productivity in Spain falls by 7.3% in 20 years, after rising by 2.8% after Covid

Between 2000 and 2022, Spain accumulated a reduction in productivity of 7.3%. The fall is even more surprising when compared with other countries such as the United States and Germany, where in the same period this indicator rose by 15.5% and 11.8%, respectively. The accumulated fall is evidence of “a deficient use of the resources used” and places Spain at a “disadvantage” compared to the productivity of other countries. “A…

Spanish economy 18th January 2024

Tourism sector increases contribution to Spain’s GDP to record high of 12.8% and emerges as main engine of growth

Banca March: In the absence of data from the INE (National Statistics Institute), Exceltur has published its outlook for tourism: compared to an average contribution to GDP of 11.9% between 2015-2019 and after registering highs of 12.8% in 2023, in 2024 the employers’ association expects these levels to be exceeded, reaching values of 13.4%. It is also estimated that tourism was the main contributor to the growth of the Spanish…

Spanish economy 18th January 2024

ECB reportedly asks some European banks to detail credit exposure to Grifols: Santander, BBVA and Caixabank in Spain

Alphavalue /Divacons| According to Reuters, citing sources familiar with the matter, the ECB has reportedly asked some European banks to detail their credit exposure to the Catalan blood products company. Grifols had a net financial debt of €9.5 billion, according to data published in September, with a maturity of €1.8 billion in 2024. According to LSEG data, banks with credit exposure to Grifols in our coverage include BNP Paribas, Santander,…

Spanish economy 18th January 2024

Spanish public debt rises to €1.58 trillion, €68,751 million more per year

The Bank of Spain (BdE) reported yesterday that the debt of Spanish public administrations as a whole increased by 0.2% in November compared to October, to €1.58 trillion. In year-on-year terms, debt increased by 4.6% in November, equivalent to €68.751 billion. In November, central government debt amounted to €1.41 trillion, an increase in the month of 0.35%. In addition, the debt of the autonomous communities grew by 0.26% to €324,456…

Spanish economy 15th January 2024

Acerinox to invest €67m in high-performance alloys division, VDM Metals, and generate 15% more revenue

Renta 4 | The company has informed the National Securities Market Commission (CNMV) of investments in its high performance alloys division (VDM), as well as the presentation of its new excellence plan. Investments in VDM: Acerinox has announced an investment of €67 million, including an atomiser for the production of stainless steel powders and high-performance alloys for additive manufacturing. At the same time, three remelting furnaces will be extended, and…

Spanish economy 12th January 2024

Final CPI in Spain confirms 3.1% in December 2023 and core CPI 3.8%; gap between the two decreases +0.7 pp from previous +1.3

Bankinter : Final CPI December 2023 confirms +3.1% year-on-year (from +3.2% year-on-year previous and expected). Underlying CPI also confirms +3.8% year-on-year (from 4.5% year-on-year before). In month-on-month terms, 0.0% month-on-month (from -0.3% month-on-month in November) and in the Underlying +0.2% month-on-month (from +0.1% month-on-month in November). Assessment: No surprises, preliminary data are confirmed. This is fully in line with our estimates in Strategy 2024 (year-end +3.1% year-on-year and annual average…

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