Dániel Stemler | According to Eurostat, the EU’s statistical office, the union is on track to meet its 2020 renewables target. Spain’s share of renewables in gross final consumption of energy is 16.2% share, so only 3.8% of its 20% target.
Of all the problems thrown up by Brexit, one of most emotionally charged is the impact it will have on foreigners living in the UK and British citizens living abroad. The other evening in Madrid at a forum on the implications of Brexit, I got a glimpse of the strength of feeling that it generates among the British community in Spain (estimated at around 300,000) and the Spanish community in the UK believed to be around 200,000.
Companies have to make an effort to generate quality jobs so the recovery in confidence and consumption ends up being consolidated, says Mutua Madrileña chairman Ignacio Garralda.
Spain can’t imitate Germany in a context in which Europe is a closed zone where countries export to each other. And Spain is unlikely to become another Germany because the Spanish production model is still based on low productivity.
The European Commission has published its evaluation of the progress made by different countries towards their economic and social priorities. The report highlights that the Spanish economy is growing at a good pace and is gradually correcting its weaknesses. But there continue to be huge imbalances, like still high unemployment and the high levels of both public and private debt.
Fernando Rodríguez | Robo advisors will move $2.2 billion in the US in 2020, with annual growth of 68%, according to the consultancy firm A.T.Kearney. And companies like Feelcapital, Indexa, Finizens and TechRules are boosting this business in Spain.
“…One of the reasons for the high level of youth unemployment in Spain has to do with the fact that companies hardly get involved in the dual training system,” explains Hermann Simon the chairman of Simon-Kucher, the preferred consultancy firm of the “hidden champions,” those German mid-cap companies which compete globally. “Spain’s level of innovation is very weak…the whole country cannot live just off tourism services.”
In general, the economic policies announced by Mr. Trump champion “strong capitalism”, where success is awarded and the reverse, which should be a good thing. But Ahorro Corporacion does not agree that the protectionist measures announced, which in their view imply increased regulation, limit competition and so the efficient assignation of resources, are positive. Analysts have tried to quantify the possible outcome for Spanish companies.
The euro’s fourth biggest economy will not be the protagonist in long economic debates in 2017. Spain’s deficit and its domestic politics are no longer a concern for Brussels, now focused on the Brexit negotiations and worried about the complicated elections cycle in various countries.
“We are still generating 20% of our electricity with coal and this increased in 2016 compared with the previous year…It’s cheaper than gas. And that’s the point: no matter how much we try to establish targets, companies operate on a day-to-day basis, look for economic efficiency and use the cheapest form of energy available,” says Carmen Gómez de Barreda, board member at Red Eléctrica.