Spanish Economy News | The Corner .eu

Spanish economy 19th September 2023

Statistics Institute raises Spain’s 2021 GDP almost 1%, to +6.4%, and 2022 growth 3/10 of a percentage point, to +5.8%

The INE (National Statistics Institute) has revised the fall in Spanish GDP in 2020 and has lowered it by one tenth of a point, while it has revised upwards -again- GDP growth in 2021 compared to 2020, which now rises by almost one point, from 5.5% to 6.4%, compared to what was published in September last year. The National Statistics Institute (INE) has also revised GDP growth in 2021 upwards,…

Spanish economy 18th September 2023

Spain, second largest recipient of EU farm funds

Spain received €5.521 billion in 2022, compared to €7.512 billion for France.It was the second beneficiary of the EAGF (European Agricultural Guarantee Fund) agricultural budget in 2022 with €5.521 billion, an amount slightly higher than the previous year (€5.498 billion). France was ahead, as usual, with €7,512 billion, according to data published by the European Commission and reported by Cesar Lumbreras in the newspaper La Razón. If total EU spending…

Spanish economy 15th September 2023

Sánchez expels veteran Nicolás Redondo from PSOE for criticising amnesty negotiations with Puigdemont

Early yesterday afternoon, the expulsion of Nicolás Redondo Terreros, a veteran party leader in the Basque country, from the PSOE was announced, a decision taken by the Federal Executive Committee “for his repeated contempt” for the party. The former leader of the Basque socialists said in a statement that he had learned of the news from the media. “I was not aware of it, nor do I have any communication…

Spanish economy 13th September 2023

BBVA doubles green bond issues in 2022 (€4,723m)

CdM | The new Green and Social Bonds Report 2022 published by BBVA (BBVA) highlights that in the last year the bank doubled the number of green bonds issued. Since 2018, the financial institution has issued eight green bonds for a total amount of €4,723 million, half of these issues occurred last year for a value of €1,688 million. The report states that by the end of 2022, BBVA’s parent…

Spanish economy 12th September 2023

European Commission revises Spain’s 2023 growth upwards to 2.2%, lowers eurozone’s to 0.8%

In its summer economic estimates, the European Commission (EC) has revised up Spain’s gross domestic product (GDP) growth for 2023 to 2.2% from 1.9% in its previous estimate (5.5% in 2022). This revision is mainly due to the “higher than expected” carry-over effect of 2022 and the “solid” performance of the Spanish economy in 1H2023. Looking ahead to the end of the year and the beginning of 2024, the EC…

Spanish economy 7th September 2023

Moody’s estimates Social Security system’s deficit will increase from 0.5% in 2022 to 1.4% in 2030

Link Securities| The risk rating agency Moody’s estimates that the Spanish Social Security deficit “will increase significantly” over the next two decades in the absence of new adjustment measures as a result of the ageing of the population and higher spending on pensions that involves linking their rise to inflation, which could negatively affect Spain’s credit rating, currently at “Baa1” with a “stable” outlook, according to the newspaper Expansión on…

Spanish economy 7th September 2023

Repsol sells Peyto exploration and production assets in Canada for $468 million

Repsol has agreed to sell its oil and gas assets in Canada to Peyto for $468 million (about €433 million). The deal includes all mineral rights, facilities and infrastructure related to Repsol’s Canadian oil and gas exploration and production business, including the Greater Edson area assets, which have a net production of 23 kboe/d, mainly gas. Repsol maintains commercial and logistics operations in Canada through its St. John LNG facility…

Spanish economy 5th September 2023

Deutsche Bank and funds take the reins of Celsa, the Catalan steelmaker, and secure activity

Creditor funds can now take control of Celsa. The ruling issued on Monday by Barcelona Commercial Court No. 2 puts an end to the dispute between the Rubiralta family, the founders and until now owners of the steelmaker, and the corporations holding 90% of its bulky debt. The magistrate has endorsed the plans of the syndicate of creditors, who will capitalise €1,352 million of convertible debt and part of the…

Spanish economy 4th September 2023

Over 300,000 workers exit Social Security system on August 31

Bankinter : The number of unemployed increased in August by +24,826 persons (after -10,968 in July). It stands at 2.7M persons (-0.9% m/m and -7.6% YoY). The seasonally-adjusted number of registered registered persons increases to 20.7M (+0.1% m/m and +2.8% year-on-year). Ministry of Labour and Social Economy and Ministry of Social Inclusion and Migration. For the trade union USO, the figures are not good, because “On 31 August, more than…

Spanish economy 4th September 2023

Managing stagflation

Fernando González Urbaneja | Of recent statements by economic policymakers, I find the Federal Reserve Chairman’s statement at the Jackson Hole retreat revealing. Powell says that they are groping along. And yet the flight is reasonably on track and may land safely. Central bankers, who are as much a determinant of the economy as governments, work towards a goal of general equilibrium, a control of prices (the optimal goal) without…