Economy

SPAIN National Accounts 4Q 2016 (INE) In 2016 the Spanish economy grew 3.2% year-on-year, reaching a nominal GDP of 1.113trillion euros. In the 4Q, the GDP increased 0.7% quarter-on-quarter and 3% year-on-year (vs. 3.2% in the 3Q of 2016). The contribution of domestic demand to annual GDP growth in the 4Q was 2.2 points, three … Continued

SPAIN Employment January 2017 (Ministry of Employment and Social Security) Registered unemployment rose by 57,257 persons from December to reach 3,760,231, one of the lowest levels of the past seven years. In year-on-year terms, the number of people without work dropped by 390,524 (down 9.41%), the largest decline since 1999. In December there were 1,633,592 … Continued

SPAIN Employment December 2016 (Ministry of Employment and Social Security) Registered unemployment was reduced by 86,849 persons with respect to November, for a total of 3,702,974 unemployed persons, one of the lowest levels of the past seven years. In year-on-year terms, it dropped by 390,534 (-9.54%), the greatest drop since 1999 and a descent of … Continued

SPAIN Article IV consultation on Spain (IMF) The IMF considers that the recovery of the Spanish economy is solid and that its imbalances are being reduced. As a result the IMF has revised upwards its predictions for growth for 2016 and 2017 (3.2% and 2.3%, respectively). At the same time, it says there are some … Continued

In this new installment of our quarterly report you will find the following information: Global GDP forecasts Risks and uncertainties in the growth of the world economy Developments in emerging countries As the US economy evolves And China What happened in the European economy after the announcement of Brexit As it is evolving economy and … Continued

The Barometer of the Círculos, in this third edition, seeks to contribute to collectively solving the big problems that affect Spain. On this occasion, in addition to presenting the shared vision of the Círculo de Empresarios, the Círculo de Economía and the Círculo de Empresarios Vascos, it has enjoyed the participation –begun in 2015– of … Continued

SPAIN 2015 regional GDP In 2015, the average rate of economic growth in Spain’s regional communities was 3.2%, but three of them grew at an even higher rate: Valencia (3.6%), Madrid (3.4%) and Catalo-nia (3.3%). By contrast, Cantabria (2.6%), Aragón (2.7%) and the autonomous city of Melilla (2.7%) registered the lowest rates of growth. Overall, … Continued

Middle Market Spain Business expectations According to a study by Ernst & Young, 65% of the companies in this sector will apply organic growth strategies (new products and sectors), in 13% they will be inorganic (M&A), while the remaining 22% will combine both models of growth.

SPAIN National Accounting 4Q 2015 (INE) During the fourth quarter of 2015 the Spanish economy grew 0.8%, and 3.5% year-on-year. For 2015 as a whole, the nominal annual progress was 3.8% and the real advance was 3.2%. The GDP in current prices reached 1,081,190 million euros. The contribution of the domestic demand to annual growth … Continued

SPAIN Labor Force Survey 4Q 2015 (INE) Reducing unemployment The year 2015 ended with 4,779,500 people out of work (20.9% of the active population), which was 678,200 fewer people than a year ago. In the 4Q unemployment dropped by 71,300 persons.

Risk Capital 2015 Principal indicators 2015 confirmed the recovery of risk capital activity, though without reaching the levels of 2014. The volume of investment was 2,790 million euros, or 19.5% less than the previous year, due to the scarcity of investments of more than 100 million euros.

Economic activity Global economic growth deceleration in 2015 and slightly recovery in 2016. Minor recovery in developed economies. It remains an uneven improvement path.

SPAIN Exports, January-September 2015 Exports of merchandise to September reached 186,261.1 million euro, with an increase of 4.4% year-on-year (Ministry of the Economy). Imports also increased, 3.9%, to 204,903.1 million euro, thus confirming the recovery of internal demand. The trade deficit was reduced by 1.1% (to 18,642 million euro). The non-energy balance had a surplus of 2,034.1 million euro (vs. 10,704 million the … Continued

In the active population survey for the third quarter of 2015, Spain’s employment rate among the total population of more than 16 years reached 46.9% and the total number of employed workers was 18,048,700, following a 1.02% quarterly increase (+182,200 = 152,100 in the private sector and +30,100 in the public sector). The annual progress … Continued

Barometer of the companies Investment The Barometer of Deloitte shows that of the 280 companies that were surveyed, 66% claim to have increased investment during the first half of 2015 –the greatest increase since 2008– as against the 58% of the same period in 2014. The principal reasons for these investment decisions were expanding business and technological changes. By intervals, 48% of … Continued

SPAIN Accounting Q2 2015 – INE In the Q2, GDP increased 1% quarterly and 3.1% year-on-year, essentially because of internal demand (3.3). Spending on household consumption increased 3.5% year-on-year, similar to the Q1, because of increased employment (2.9%, or 477,000 new jobs) and greater family disposable income (because of a drop in the price of … Continued

Recent improvements in GDP and employment confirm that Spain’s recovery and economic dynamism continue to be strengthened. Internally, the reforms that have been carried out and the efforts in the private sector have corrected some of our macroeconomic imbalances. This has led to improvements in the labor market, the external sector, investment and access to … Continued

Portfolio At the end of 2014, the risk capital sector had 2,134 companies with assets of more than 20,000 million euros. This was 1,300 million euros less than in 2013 due to international disinvestments. In aggregate terms, in 2014 these companies invested an average of 8.6 million euros and provided jobs for 585,000 workers (up … Continued

SPAIN Unemployment, hiring and Social Security affiliation In June, unemployment dropped for the fifth consecutive month, by 94,727 persons, to a total of 4,120,304 persons, the smallest drop in a month of June in the last three years. This drop was generalized, with the excep-tion of a 3.6% increase (7,027 personas) in agriculture. Among people … Continued

CHINA continues desacelerating although its more flexible financial policy. Real GDP growth rates stabilized in emerging countries except India. Increased economic dynamism in developed countries.

The Círculo de Empresarios, the Círculo de Economía and the Círculo de Empresarios Vascos, in their effort to help diagnose the structural situation of the Spanish economy and support its transformation, present the second edition of the Barometer of the Círculos. It includes the principal strengths and competitive weaknesses of our economic and business surroundings, and we make … Continued

SPAIN Registered unemployment Unemployment dropped in May by 117,985 persons (-34,160 persons in seasonally adjusted terms), the largest decline ever for this month, to 4,215,031 people out of work. The year-on-year average decline (-7.82%; -357,354 persons) was also the largest ever. During this month 1,573,293 new contracts were signed (+7.9% year-on-year). Full-time permanent contracts increased … Continued

SPAIN Growth Quarterly National Accounts (INE) In the 1Q of 2015 the Spanish economy experienced its greatest annual advance since 2007: 2.6% (2% 1Q 2014), thus linking six positive quarters. The quarter-on-quarter rate rose 0.9% (0.7% 4Q 2014). This recover is based on greater private consumption, improved expectations and better financial conditions, and the drop … Continued

Quarterly Report on the Spanish Economic Situation Q1 2015 Depreciation of the euro, with the lowest exchange rate since the spring of 2003. Greater competitiveness of European exports outside the eurozone and more expensive imports.

Installment payment of Corporation Tax In 2014, total installment payment of corporation tax increased 6.9% over 2013, to 17,425 million euros. Installment payment by the large companies and consolidated groups totaled 15,905 million euros in 2014, some 8.3% more than in 2013 and double the figure of 2011 (7,626 million).

SPAIN Outlook for growth The Bank of Spain has upped by eight-tenths of a point its outlook for GDP growth for 2015: up to 2.8%, thanks mainly to the correction of imbalances and the improve-ment in the macro-financial climate of the Spanish economy. Other reasons for the rise: A drop in the price of crude … Continued