Last year Spain’s economy registered a financing capacity of €15.6 bn against the rest of the world, which is equivalent to 1.5% of GDP. This is the first time since 1998 that Spain accumulates financing capacity. It joins to those generated by non-financial companies (43,9 bn) and also by financial insitutions (18.7 bn). This last number includes the banking industry’ bail-out.
The change of direction in external financing reliance of Spanish economy during year 2013 is due to € 17.05 bn the country gained in the exchange of goods and services, despite income account and current and capital transfers’ figures went down.
“The improvement in corporate savings, for instance reduction of workforce, are behind these figures since it allowed companies to increase their financing capacity to 4.3 of GDP,” Afi analysts point out.
From now on, corporate savings are likely to decline as labour market recovery grow, thus compensating public sector’s efforts to consolidate. “If this trend maintained, external surplus of economy will be near current levels of 2014,” experts add.
All institutional sectors (households, non-profit organisations, private companies, financial institutions and public adminsitrations) have been considered to calculate Spain’s financing capacity.