Financing sources

Between 2010 and 2015, the non-financial companies on the IBEX 35 reduced their debts with credit institutions by 39.8%, from 138 billion euros to 83 billion euros. In terms of balance sheet structure, bank financing (% financial liabilities) for these companies went from 53 to 36.5%.

Likewise, fixed income financing (corporate debt) increased by 23% to 115 billion euros.

Ibex-35-sources-of-financing-asi-esta-the-company-circulo-de-empresarios-february-2017

Entrepreneurial Dynamism

In 2016, the annual pace of business creation was 30% more than 2009.

Nevertheless, the levels of the past year are still 1.4 times lower than the figures reached in the pre-crisis period.

Creation-of.companies-Spain-asi-esta-the-company-circulo-de-empresarios-february-2017

Corporate dinamysm

According to Deloitte, the most notable perspectives for 2017 are:

  • 71% of the companies plan to increase their billing.
  • 32% estimate that number of their permanent contracts will rise.
  • 63% expect that the Spanish economy will improve.

2017-turnover-forecast-asi-esta-the-company-circulo-de-empresarios-february-2017

Spain’s external sector

In 2016, exports of goods increased 1.7% to a record 254.53 billion euros (23% of GDP), for the second lowest trade deficit since 1997 (-18.754 billion).

Moreover, the number of exporting firms was 148,794 (123,128 in 2011).

Total-exporting-firms-and-regular-exporting-firms-asi-esta-the-company-circulo-de-empresarios-february-2017

Investment in UK

Spanish investment in the UK is principally in the financial sector.

In 2015, stock FDI in this sector reached 16.6 billion euros (1.54% of GDP) followed by telecommunications (1.4%) and energy (0.7%).

Stock-FDI-from-Spain-to-UK-asi-esta-the-company-circulo-de-empresarios-february-2017

Oil sector

The degree of compliance with the OPEC agreement (1/3 of global production) of cutting the oil production by 1.2 million barrels a day, was 93%.

The supply reduction, along with expectations for greater demand, increased the price of the barrel by 10 dollars between the end of November 2016 and February 2017 (+20%).

WestTexas-Intermediate-asi-esta-the-company-circulo-de-empresarios-february-2017

Degree-of-compliance-asi-esta-the-company-circulo-de-empresarios-february-2017

Top-countries-by-oil-production-asi-esta-the-company-circulo-de-empresarios-february-2017

Global Risks

Economic uncertainty has grown because of doubts about the new Administration in the US, the coming elections in several countries in the EU, negotiations about Brexit, a hardening of monetary policy by the Fed, and an economic slowdown in China.

Global-Economic-policy-uncertainty-Index-asi-esta-the-company-circulo-de-empresarios-february-2017

“Shadow banking”

Since 2012, shadow banking (financial operations beyond the reach of regulators) has doubled in size in China and now accounts for 82% of its GDP (150% in the USA).

In the past three years it has increased by 30% as against 10% in the rest of the sorld.

Shadow-Banking-in-China-asi-esta-the-company-circulo-de-empresarios-february-2017

United States

Persistent inflation (+2.5% year-on-year in January), anticipation of a more expansive fiscal policy, and a more conservative stance by the Fed have increased expectations that there will be higher interest rates in 2017.

The Fed estimates 3 hikes and expects to end the year at an interval between 1.25% and 1.75.

Investor-rate-hike-expectations-asi-esta-the-company-circulo-de-empresarios-february-2017

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