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Global economic situation The world economy’s recovery continues although its sustainability isn’t assured in a context of pandemic outbreaks and uncertainty about its future evolution, disruptions in supply chains and inflationary pressures on raw materials and energy. The differing vaccination rates and the support policies applied in each country to lessen the pandemic’s impact have … Continued

An efficient, sustainable pensions system must respect a series of fundamental principles: the contributory principle (proportionality between contributions and receipts), fairness, intergenerational solidarity, adequacy and economic balance. In the case of Spain, these principles were defined within a context of broad consensus between political parties in what would become known as the Toledo Pact. Although … Continued

Reforms relating to the labour market are among the urgent structural changes needed to boost competitiveness and, in consequence, economic growth, the creation of quality employment and social well-being. It is with good reason that these have been identified as essential by European Institutions within the framework of the Recovery Plan for Europe, such that … Continued

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In 2021 , Spain fell three positions to 39 th out of 64 countries analysed , its worst position since 2014 . A significant deterioration in the economic performance indicators (from 31 st to 42 nd) and governmental efficiency (from 44 th to 49 th). The average GMW increase in 2021 is 3% with a … Continued

Spain’s manufacturing and service sector PMI In May, manufacturing activity registered its highest level of the past 23 years, and service sector activity was the highest since August 2015. Tax revenue from large enterprises and SMEs In April 2021 tax revenue from large enterprises increased 23.7% year on year and that of SMEs by 1.3%. … Continued

Service Sector Activity Indicators By Autonomous Community, the increases in turnover in Castilla-La Mancha (31.8%), Castilla&León (30.9%) and Galicia (30.8%) stand out Regarding employment, the biggest decreases were in the Balearic Islands (12.3%) and the Canary Islands (8.6%). Industrial Prices Index (IPRI) Temporary employment * in Spain Flash composite PMI index of total activity In … Continued

The tourism sector (INE) In the first quarter of 2021, 1.208.761 international tourists arrived in Spain, 13 million fewer than two years ago when the pandemic still hadn t brought the sector to a standstill. Industrial Production Index (IPI) (INE) By autonomous community, the advances in Navarre (31.2%) and Cantabria (26%) are in contrast with … Continued

Labour Force Survey Q1 2021 (INE) In Q1 2021, the loss of 137,500 jobs compared to the Q4 2020 has not implied an increase in the unemployment rate due to the decline of both the active population (-203,400) and the unemployed (-65,800). Compared to the Q1 2020… Industrial Prices Index (IPRI) (INE) Energy and intermediate … Continued

Industrial Production Index (IPI) (INE) By autonomous community, the increases in Cantabria (12,0%) Galicia (4,8%) and Extremadura (4,1%) are in sharp contrast with the decreases in the Balearic Islands (14,0%) and Canary Islands (12,3%) Sales by Large Companies (Tax Agency) In Jan Feb 2021 sales by large companies (with last year s business operations at €6.01 … Continued

Labor costs, Spain In Q4 2020, labor costs per worker and month fell -0.1% year-on-year to €2,752.26, a slight decrease against the 8.3% of Q2 2020. By components, salary costs fell 0.7% year-on-year to €2,061.30. “Other costs” grew 1.7%, as a result of the increases in Social Security contributions (1.4% year-on-year to €634.57) and non-wage … Continued

“Círculo wishes to contribute to improving Spanish society, furthering the common good” Círculo de Empresarios is a think tank in which more than two hundred business people and senior executives from both national and international companies in Spain participate. Its main goals consist of the fostering of the free market and private enterprise, the acknowledgement … Continued

Foreclosures In Q4 2020, foreclosures increased 109.9% year-on-year to 3,018, maintaining the upward trend which began in Q3 (+82% year-on-year). In 2020 as a whole, after 5 years of consecutive decreases, foreclosures on main residences increased 37.4%, reaching 7,367, the biggest increase since records began in 2014. Industrial production In January 2021, industrial production registered … Continued

Activity indicators Service sector In December, the General Services Sector Turnover Index registered an 8.7% year-on-year contraction, accumulating. This figure has remained in negative territory for the 10th consecutive month, but it has improved compared to November (-12.6%), which indicates a slight recovery of the sector that coincided with the Christmas season. In 2020 as … Continued

Industrial production, Spain In 2020, after six consecutive years of growth, the industrial production index (IPI) recorded an average yearly decrease of 9.1%. This is the biggest fall since 2009 when production slumped 16.2% at the height of the financial crisis. The reduction, which was especially intense between March and June, is a partial reflection of … Continued

2020 ends with a world economic contraction above 4%, the biggest GDP decrease since World War 2. Among developed nations, growth comes to a standstill after the renewal of activity in Q3 as a result of the surge in cases and the movement restrictions. Services, especially those related to the hotel and leisure industry, experience … Continued

Mercantile Companies, Spain In November 2020, 7,339 businesses were incorporated, an increase of 0.1% year-onyear (compared to -7.9% in October). The capital subscribed increased 14.6% yearon-year to more than €367 million. For its part, the number of dissolved companies (2,062) grew 4% year-on-year (compared to -8.8% in October). By activity, most of the businesses formed were … Continued

Industrial production, Spain In November 2020, the industrial production index (IPI) fell 3.8% year-on-year against a 1.6% increase in the same month in 2019. By sectors, all showed negative rates except intermediate goods (1.2% year-on-year). Production in the energy sector also fell 7.8% year-on-year, capital goods 7.1% and consumer goods 3.6%. By Autonomous Community, the … Continued

Labour cost, Spain In Q3 2020, the Harmonized Labor Cost Index, increased 2.9% year-on-year (compared to 8.1% in Q2 2020). This slowdown with respect to the previous quarter can be explained by the smaller decrease in the number of hours worked after the end of the state of alarm (June 21st). Among its components, salary … Continued

Mortgages, Spain In September, the number of mortgages approved on properties increased 18.4% year-on-year (26,878 mortgages), making it the highest figure since December 2019 (+44.8%). On the other hand, the average amount fell 1% year-on-year (to €135,035), while the capital loaned increased 17.2% yearon- year (reaching €3.629 billion in September). The average interest rate was … Continued

Trading companies, Spain In September, the number of companies created increased 14% year-on-year (6,599 businesses), making it the highest rate since August 2016 (23.5%). At the same time, the capital subscribed for their constitution increased 11.5% year-on-year, exceeding €223 million. For its part, dissolved companies increased 29.3% year-on-year (1,623 companies), the highest percentage since April 2013 … Continued

GDP, Spain In Q3 2020, GDP rose 16.7% quarterly (compared to -17.8% Q2 2020), the biggest increase since quarterly reporting began. This development is due to the resumption of economic activity after the end of the household lockdown from previous months, and the recovery of activity during the summer months. In year-on-year terms, after the … Continued

Private sector debt, Spain In Q2 2020, combined business and household debt rose 1.9% year-on-year (compared to -0.4% Q2 2019) to 141.2% of GDP (€1,654 billion), the highest level since Q3 2017 (141.9%). This development can be explained as a result of the increase in debt and the decrease in GDP in absolute terms. Company … Continued

Economic situation summary The uncertainty surrounding the spread of Covid 19 is significantly conditioning economic agents’ expectations for the coming years In this context, most international organizations (the IMF, OECD, World Bank and European Commission) project a contraction of GDP above 3 yearly for 2020 and warn of risks such as rising unemployment and a … Continued

Economic forecasts, Spain The Bank of Spain is considering two scenarios on the future evolution of GDP depending on how the Covid-19 pandemic develops. In scenario 11, GDP is forecast to fall 10.5% in 2020, and will increase 7.3% in 2021. In scenario 22, the forecasts are worse, with a fall of 12.6% in 2020, … Continued

Labour Cost Index, Spain In Q2 2020, labour costs per hour worked grew 8.3% year-on-year (against 3.1% in Q2 2019), the biggest increase on record. This development is explained by a fall in the number of hours worked greater than that of salary costs as a result of the state of alarm and the lockdown … Continued

Economic sentiment, Spain In August, the Economic Sentiment Indicator (ESI) in Spain registered a fall of 2.5 points compared to July, reaching 88.1 points. This places Spain as the EU country where confidence levels have fallen the most. The reason for this was the worsening of the data for construction (-5.9 points compared to July), … Continued

Economic outlook, Spain In 2020, the Independent Authority for Fiscal Responsibility (AIReF) forecasts that Spanish GDP will be between -10.1% in the best-case scenario (compared to a preliminary -8.9%) and -12.4% (compared to -11.7%) in the worst case. This will depend on the duration of the pandemic, and its capacity for the recovery of economic … Continued