Tag #Spanish Economy

Showing 25 to 36 of 204 results

elmundo.es

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Jul 19, 01:14

Spanish Consumer Credit Contracts Amidst Geopolitical Uncertainty

Spain saw a 2% decrease in consumer credit in 2024 (€28.511 billion total) due to geopolitical uncertainty and rising interest rates, though lending for certain sectors like vacations and home improvements increased; mortgage foreclosures are also on the rise.

Spanish Consumer Credit Contracts Amidst Geopolitical Uncertainty

Spain saw a 2% decrease in consumer credit in 2024 (€28.511 billion total) due to geopolitical uncertainty and rising interest rates, though lending for certain sectors like vacations and home improvements increased; mortgage foreclosures are also on the rise.

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What is the primary cause for the decline in consumer credit in Spain during 2024, and what are the immediate consequences?

In 2024, consumer credit in Spain contracted for the first time since the pandemic, falling 2% to €28.511 billion. This decrease is attributed to geopolitical uncertainty impacting consumer spending decisions, according to ASNEF, a Spanish association of financial institutions.

elmundo.es

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Jul 16, 16:17

AIReF Urges Spain to Cut Spending by €5.6 Billion Amid Budget Delays

Spain's fiscal authority AIReF urges the government to cut spending by €5.6 billion to meet national spending rules, citing delays in preparing the 2026 budget and inconsistencies with EU regulations, leading to concerns about economic stability and long-term planning.

AIReF Urges Spain to Cut Spending by €5.6 Billion Amid Budget Delays

Spain's fiscal authority AIReF urges the government to cut spending by €5.6 billion to meet national spending rules, citing delays in preparing the 2026 budget and inconsistencies with EU regulations, leading to concerns about economic stability and long-term planning.

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How do differing timelines and rules between national and European Union fiscal frameworks contribute to the current budgetary challenges in Spain?

AIReF highlights a 6.5% projected increase in national spending, exceeding the 3.2% reference rate. Failure to comply with national rules, even while potentially meeting EU standards, necessitates additional cuts, totaling almost €11 billion including regional spending. This discrepancy stems from differences in short-term national and long-term EU approaches to fiscal planning.

elmundo.es

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Jul 14, 16:12

Bank of Spain Appoints New Director General of Economics

The Bank of Spain appointed David López Salido, former chief economist at the US Federal Reserve, as its new Director General of Economics, replacing Ángel Gavilán, while Galo Nuño will become the new Director General of Institutional, European, and Transparency Relations, following the resignation ...

Bank of Spain Appoints New Director General of Economics

The Bank of Spain appointed David López Salido, former chief economist at the US Federal Reserve, as its new Director General of Economics, replacing Ángel Gavilán, while Galo Nuño will become the new Director General of Institutional, European, and Transparency Relations, following the resignation ...

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Who is the new Director General of Economics at the Bank of Spain, and what is their relevant prior experience?

The Bank of Spain appointed David López Salido as its new Director General of Economics, replacing Ángel Gavilán. López Salido, formerly chief economist at the US Federal Reserve, was unanimously chosen by a panel including renowned economists. Galo Nuño, previously the Deputy Director General, will assume the role of Director General of Institutional, European, and Transparency Relations.

elpais.com

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Jul 8, 22:10

ATA Boycotts Spanish Self-Employed Contribution Scheme Negotiations

Spain's Ministry of Social Security is convening self-employed worker associations to negotiate a new contribution scheme for 2026-2028, but ATA, representing 850,000 self-employed workers, refuses to participate due to unresolved 2023 contribution regularization issues, highlighting discrepancies i...

ATA Boycotts Spanish Self-Employed Contribution Scheme Negotiations

Spain's Ministry of Social Security is convening self-employed worker associations to negotiate a new contribution scheme for 2026-2028, but ATA, representing 850,000 self-employed workers, refuses to participate due to unresolved 2023 contribution regularization issues, highlighting discrepancies i...

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How does the 2023 contribution regularization process reveal systemic issues affecting the self-employed in Spain?

The disagreement highlights tensions between the government's aim to improve social security protection for the self-employed and the concerns of those affected by the new system. The 2023 regularization process, while affecting 1.6 million self-employed workers, revealed inconsistencies: 796,000 underpaid, 460,000 overpaid, and 324,000 with no filings. ATA's refusal to participate in 2026 negotiations stems from these unresolved issues and perceived unfairness in the system, particularly for the self-employed involved in multiple jobs.

elpais.com

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Jul 6, 07:13

Spain's Debt Restructuring: A Shifting Landscape

Spain's debt landscape has transformed since 2020, with household debt falling €20 billion, corporate debt rising €80 billion, and public debt increasing by over €100 billion; yet, strong nominal GDP growth has lowered the debt-to-GDP ratio, leaving private debt at 110% compared to 145% in the Euroz...

Spain's Debt Restructuring: A Shifting Landscape

Spain's debt landscape has transformed since 2020, with household debt falling €20 billion, corporate debt rising €80 billion, and public debt increasing by over €100 billion; yet, strong nominal GDP growth has lowered the debt-to-GDP ratio, leaving private debt at 110% compared to 145% in the Euroz...

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What are the main sources of debt for households, corporations, and the public sector in Spain, and how have these sources changed during the period examined?

The pandemic and subsequent geopolitical instability coincided with strong Spanish economic growth, masking the impact of rising debt. Household deleveraging continued, contrasting with increases in corporate and public debt. However, strong nominal GDP growth reduced the overall debt-to-GDP ratio, leaving Spain's private debt lower than the Eurozone's or the US's.

elpais.com

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Jul 6, 07:13

Spain's Stagnant Consumption Despite Income Growth: A Debt Reduction Story

Despite a 5.2% increase in real disposable income per capita, Spanish household consumption grew only 0.2% in the last five years, significantly lower than the European average of 1.4%, due to increased savings used primarily to reduce debt rather than accumulating liquidity.

Spain's Stagnant Consumption Despite Income Growth: A Debt Reduction Story

Despite a 5.2% increase in real disposable income per capita, Spanish household consumption grew only 0.2% in the last five years, significantly lower than the European average of 1.4%, due to increased savings used primarily to reduce debt rather than accumulating liquidity.

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How has the Spanish household debt-to-income ratio changed compared to the European average, and what role has this played in consumption patterns?

The subdued consumption in Spain, despite income growth, is linked to lingering effects of the financial crisis, leading to increased household prudence and debt reduction. Spanish households have reduced their debt-to-income ratio by 22 percentage points, compared to 6 points in Europe, primarily using savings to pay down debt rather than accumulating cash.

elmundo.es

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Jul 19, 01:14

Record-High Mortgage Signings in Spain Amidst Rising Housing Prices

Spain saw a record 201,000+ mortgage signings by May 2025, a 24% increase year-on-year, driven by low financing costs below 3% and high housing demand despite rising prices; average mortgage amounts hit a 5-year high of €158,000 in May.

Record-High Mortgage Signings in Spain Amidst Rising Housing Prices

Spain saw a record 201,000+ mortgage signings by May 2025, a 24% increase year-on-year, driven by low financing costs below 3% and high housing demand despite rising prices; average mortgage amounts hit a 5-year high of €158,000 in May.

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Sustainable Cities and Communities

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What is the main cause for the record-high number of mortgage signings in Spain, and what are its immediate consequences for the economy?

Spain experienced its best start to mortgage signings in 14 years, with over 201,000 new contracts signed by May—a 24% increase from last year and the highest number since 2007. Lower financing costs (below 3%) and rising demand for properties amidst increasing prices are key factors.

elmundo.es

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Jul 15, 16:13

Catalonia's New Financing Deal: Potential Benefits and Unresolved Risks for Spain

A new financing agreement between Spain and Catalonia gives Catalonia more control over its tax revenue, potentially boosting its finances but leaving Spain's central government with reduced resources and a need for adjustments, all while the full implementation of this new model will take years.

Catalonia's New Financing Deal: Potential Benefits and Unresolved Risks for Spain

A new financing agreement between Spain and Catalonia gives Catalonia more control over its tax revenue, potentially boosting its finances but leaving Spain's central government with reduced resources and a need for adjustments, all while the full implementation of this new model will take years.

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How might this agreement impact the Spanish government's ability to control regional finances and prevent fiscal deficits?

Morningstar DBRS, a European rating agency, analyzes the agreement, highlighting that while Catalonia's finances may improve due to increased tax revenue and reduced debt, Spain's central government faces the risk of managing fewer resources. The potential reduction in Spain's revenue is estimated between 0.4% and 1.5% of the country's GDP, based on a Fedea report.

cincodias.elpais.com

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Jul 10, 07:14

Spanish Hiring Confidence Falls Amidst Global Uncertainty

Confidence in job creation among Spanish mid-sized company executives has fallen for the fourth straight quarter, with only 43% planning to expand staff next year due to economic and geopolitical uncertainty, despite a strong overall labor market.

Spanish Hiring Confidence Falls Amidst Global Uncertainty

Confidence in job creation among Spanish mid-sized company executives has fallen for the fourth straight quarter, with only 43% planning to expand staff next year due to economic and geopolitical uncertainty, despite a strong overall labor market.

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What is the primary driver behind the decrease in hiring confidence among Spanish mid-sized companies, and what are the immediate consequences?

Spanish mid-sized companies' hiring confidence has dropped for the fourth consecutive quarter, with only 43% planning to increase staff in the next year, down from 50% last year and below the international average. This decrease is attributed to economic and geopolitical uncertainty, impacting international sales and export projections, which have fallen 10 percentage points since the second quarter of 2024.

elpais.com

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Jul 7, 07:13

Duro Felguera to Lay Off 700 Employees Amidst Financial Crisis

Spanish engineering firm Duro Felguera, once valued at over €1 billion, is now worth less than €50 million and will lay off nearly 700 employees due to financial struggles, legal battles, and contract defaults; the company is in pre-bankruptcy proceedings and plans to sell its El Tallerón plant to I...

Duro Felguera to Lay Off 700 Employees Amidst Financial Crisis

Spanish engineering firm Duro Felguera, once valued at over €1 billion, is now worth less than €50 million and will lay off nearly 700 employees due to financial struggles, legal battles, and contract defaults; the company is in pre-bankruptcy proceedings and plans to sell its El Tallerón plant to I...

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What factors contributed to Duro Felguera's financial decline, and what role did the Algerian contract dispute play?

The restructuring aims to eliminate unprofitable business lines and strengthen core units, focusing on those with higher potential for growth. This comes after securing a €120 million bailout from the Spanish government in 2021 and resolving a major €413 million legal dispute in Algeria. The company's plan involves selling its El Tallerón plant to Indra for €3.6 million, maintaining its Mompresa subsidiary.

elpais.com

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Jul 6, 07:13

Spain's New Industrial Law: Boosting Sovereignty and Competitiveness

Spain's new Industrial and Strategic Autonomy Law, approved December 10th, aims to strengthen national sovereignty, protect employment, and promote socially just reindustrialization by modernizing its industrial sector and reducing reliance on external resources, addressing decades of economic decel...

Spain's New Industrial Law: Boosting Sovereignty and Competitiveness

Spain's new Industrial and Strategic Autonomy Law, approved December 10th, aims to strengthen national sovereignty, protect employment, and promote socially just reindustrialization by modernizing its industrial sector and reducing reliance on external resources, addressing decades of economic decel...

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Industry, Innovation, and Infrastructure

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How does the new law aim to improve coordination and collaboration among different levels of government and industry stakeholders in Spain?

The law responds to vulnerabilities exposed by the COVID-19 pandemic, particularly concerning supply chain fragility and dependence on external resources. It seeks to leverage digitalization, sustainability, and advanced technologies to modernize Spain's industrial sector and create high-quality jobs.

elpais.com

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Jul 5, 10:10

Spanish Winemakers Unite: Collaboration Rises Amidst Industry Challenges

Several Spanish wine associations, including Artisan Wine Attraction and Futuro Viñador, are uniting small and large producers to promote artisanal wines, preserve traditional viticulture, and advocate for better prices, showcasing a collaborative approach to challenges faced by the industry.

Spanish Winemakers Unite: Collaboration Rises Amidst Industry Challenges

Several Spanish wine associations, including Artisan Wine Attraction and Futuro Viñador, are uniting small and large producers to promote artisanal wines, preserve traditional viticulture, and advocate for better prices, showcasing a collaborative approach to challenges faced by the industry.

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What are the main goals and impacts of the collaborative winemaking groups emerging in Spain?

Artisan Wine Attraction," a group of Spanish wineries, aims to promote small producers and artisanal wines, showcasing their diversity at events like Barcelona Wine Week. Similarly, "Futuro Viñador," a collective of 17 renowned wineries, focuses on preserving traditional viticulture and ancestral varieties.

Showing 25 to 36 of 204 results