According to today’s Expansión newspaper, the Spanish retail leader – with a market share of close to 25% – has become the first major company to take measures to prevent inflation from causing a loss of purchasing power for its more than 93,000 employees in Spain. The figure rises to 95,000 workers if its teams in Portugal are added, whose salaries will also be adapted in that market. Inflation closed…
The OECD criticises the fact that Spain is abandoning the system of automatic adjustment of the pension system – which used the so-called “sustainability factor” – to replace it with the so-called “intergenerational equity mechanism”. The latter involves a rise in social security contributions of 0.6% over 10 years, something that is not even equivalent to the costs of indexing pensions to inflation. According to the OECD, the “intergenerational equity…
Jorge Sicilia (BBVA Research) | Price pressures continue to build up; inflation is at high levels mainly in the US, but also in the Eurozone, while in China it remains still relatively low. The recovery will continue, but will lose momentum on the ongoing supply shocks and impact on inflation, which will lead CBs to act earlier, especially in the US.A solid demand recovery on stimuli, savings and vaccines, coupled…
The Minister for Agriculture, Fisheries and Food, Luis Planas, has conveyed Spain’s disagreement with some of the European Commission’s proposals on fishing opportunities and management measures for 2022 to his Slovenian counterpart Jože Podgoršek, whose country currently holds the EU presidency. Podgoršek will chair the Council of Agriculture and Fisheries Ministers which is due to decide on Total Allowable Catches (TACs) and quotas for 2022 on 12-13 December in Brussels….
Rafael Domenech (BBVA Research) | Though 2022 should be a better year for GDP growth in the Spanish economy than 2021, the current outlook is also far more uncertain than it was a year ago, due to the appearance of new risks and an increase in existing ones — making forecasts even more volatile. Key points There has been a clear acceleration in recovery over the current year: from a…
Fernando González Urbaneja | A few weeks ago the European Commission’s forecasts on the performance of the member states’ economies were a cold shower for the Spanish government’s optimism. It preaches that the economy is doing better than well, that the future is one of more than recovery and that Spain is amongst the best in the class. The government bases its arguments on two facts: employment is going well,…
The countries of the European Union adopted on Thursday the common agricultural policy (CAP) for the period that will apply from January 2023, with which the bloc wants to increase the contribution of the agricultural sector to the fight against climate change and creates a new management model based on national strategic plans. The CAP reform process has taken three years of work between member states and European institutions.
Link Securities | Acciona has teamed up with Copenhagen Infrastructure Partners (CIP) and other European firms to develop the biggest energy island in the world in Denmark. The project aims to develop up to 10 GW of marine wind energy, with an investment estimated at 28 billion euros. Acciona is participating in the consortium as the builder of the infrastructure, called VindØ Energy Island, which will extend initially for 120,000…
The Social Security system gained 61,768 contributors with respect to October, bringing the total number of employed persons to 19,752,358 contributors. The number of people registered in the offices of the State Public Employment Service (SEPE) fell by 74,381 in November, the largest drop for that month, and for the first time in the historical series unemployment has fallen for nine consecutive months. According to the information provided by the…
Alphavalue | The average price of used housing in Spain rose by +0.8% month-on-month in November to 1,831 euros/m2, according to Idealista’s latest real estate price index. In the major capitals, the price increased by +0.3% in Barcelona and fell by the same amount in Madrid (-0.3%) compared to the previous month. If we look at the year-on-year figure, the national average price has increased by +3.5%: housing in the…