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Spanish economy

Teresa Ribera

Spanish economy 21st July 2022

The Spanish Government Refuses To Reduce Gas Consumption By 15%, As Demanded By Brussels

Teresa Ribera, Minister for Ecological Transition, has lashed out harshly against the Brussels plan to force EU countries to reduce gas consumption by 15% during the autumn and winter months. According to Ribera, this plan is “neither the most effective, nor the most efficient, nor the fairest”. “We have strategic reserves. We have done our homework. We have achieved a very solid position” in terms of security of supply, said…

housing overvalued

Spanish economy 21st July 2022

Spain Breaks Historic Record For Real Estate Investment, With 9.87 Billion Euros In The First Half Of The Year

Real estate investment in the first six months of the year in Spain amounted to 9,870 million euros, 80% more than in the same period last year, and the first half closed with the best data since historical records started, according to CBRE data collected by Europa Press. The retail sector (shops) led investment in this period, with a total volume traded in excess of 2,900 million euros, 8 times higher…

spain foreign policy

Spanish economy 20th July 2022

Moody’s Maintains Spain’s Credit Rating (Baa1) With Stable Outlook

Bankinter | The agency points to the resilience of the economy and public support in the pandemic. In the short term, it warns that the risk of “rising inflationary pressures and economic slowdown” prevail in an environment of high uncertainty. Moody’s projections for the Spanish economy are GDP +3.5% in 2022e, +1.6% in 2023e and +2% in 2024e. Average inflation of 8% in 2022e, +3.4% in 2023e and 2% in…

nadia calviño 2

Spanish economy 19th July 2022

Economía Asks The Autonomous Communities For Plans To Invest The Extra 22 Billion From The Recovery Plan

Spain is finally eligible to receive just over 161.5 billion euros from the European Recovery Mechanism for the Covid crisis, some 22 billion more than the 140 billion initially planned from the sum of transfers and loans from the Next Generation EU fund. The increase comes about because the country’s poor economic performance means adding 7.724 billion in direct aid to the 69.510 billion originally allocated and because the distribution…

Josep Sanchez Llibre

Spanish economy 19th July 2022

Foment, The Catalan Employers’ Association, Accuses The Government Of Being “South American Populist”

The president of Foment has raised the tone against the Government during his investiture speech with respect to the already critical statements after last week’s state of the nation debate. The employers’ leader considers that Pedro Sánchez is feeding a discourse against companies, of “hidden powers, “cigar lords” and “media conspiracies” that places them as “the bad guys in the film”, thus drawing the dichotomy between “the powerful” and the…

Iberdrola Tamega

Spanish economy 18th July 2022

Iberdrola Inaugurates Europe’s Largest Hydroelectric Giga Battery In Tamega (Portugal)

The Prime Minister of Portugal, António Costa, accompanied by the Chairman of Iberdrola, Ignacio Sánchez Galán, inaugurated on Monday the Tamega hydroelectric giga battery (Portugal), the largest project of its kind in Europe, with an investment of more than 1,500 million euros. The Alto Tamega hydroelectric complex is made up of three dams and, thanks to its reservoirs and, thanks to its reversible pumping capacity, it is capable of storing…

spain savings rate

Spanish economy 15th July 2022

Brussels Warning: Spain Will Have Inflation Of 8.1% In 2022 And Will Grow Less In 2023

The European Commission has not corrected its forecasts with respect to May: growth remains at 4%, close to the Government’s April forecast of 4.3%. The blow comes in 2023, with one of the biggest downward revisions in Europe, of 1.3 percentage points: growth of 2.1%, after the Commission itself estimated months ago that it would be 3.4%. For this period, the government had estimated 3.5% growth three months ago. The…

Just Sanchez

Spanish economy 15th July 2022

Taxes or Fines?

Fernando Gopnzález Urbaneja | Words have meaning. To define well is to begin to understand. The government has announced as the star measure of its economic programme to control inflation a new tax figure called the “windfall profits tax” which, for the moment, will be levied on around twenty energy companies with a high turnover (the figure has not been specified) and on banks in general, which are not many…

pedro sanchez preocupado

Spanish economy, Spanish Politics 14th July 2022

Against Inflation… More Taxes

Fernando Gonzalez Urbaneja | Economics textbooks have a heading to add to the chapter on inflation: the one dictated by Dr Pedro Sánchez before Parliament. After warning that inflation (10% annual rate) is the most worrying problem for the government, he deployed a series of “anti-inflationary” measures, among them, new taxes for banks and energy companies on extraordinary profits . The president spoke about his concern about the influence of…

grifols blood bags

Companies, Ibex, Spanish economy 13th July 2022

Grifols warns recovery could be threatened; puts the brakes on acquisitions and suspends dividends

Link Securities | The daily elEconomista.es made echo on Monday of a risk report Grifols presented to the US regulator SEC. In the document, the Spanish multinational pharmaceutical company admitted the recovery could be threatened by the pressure from a competition which has increasingly more resources and already offers solutions similar to those of the listed Catalan firm. Grifols warns in the report that its rivals are tough: “Our main competitors…