Tourism, Spain Between January and October 2019, tourist arrivals in Spain increased by 1.1% year-onyear, which is 0.5pp more than the increase recorded in the same period last year, amounting to 74.4 million visitors. Despite this increase, the tourist arrivals from the following main tourist sending countries dropped: • The United Kingdom (22% of the … Continued
Trade in goods, Spain Between January and September (Eurostat), exports of Spanish goods increased by 1.4% year-on-year, which is 2.5pp less than in the same period of 2018, to €221.5 billion (18.4% of GDP). Concurrently, imports slowed down to a moderate growth of 1% year-onyear, compared with 6.3% in the same period last year, standing … Continued
Balance of trade, Spain In 2019, between January and August, the exports of goods increased by 1.1% year-onyear, which is 3.1pp less than in the same period of 2018, amounting to €192,131 million (15.9% of the GDP). Whereas for the same period, the imports of goods dampened down to 1.2% year-on-year (vs 6.1% year-on-year in … Continued
Labour cost, Spain The rise in the minimum wage since January 2019 (22.3%) and the higher maximum contribution bases to Social Security (7%) are the main factors that explain the rise in labour costs. Specifically, in Q2 2019, the labour cost per worker increased by 2.4% year-on-year (2.1% in Q1 2019) to €2,664.55, the largest … Continued
Private sector debt, Spain In Q1 2019, the consolidated debt of nonfinancial corporations and households increased for the first time since Q3 2009 by 0.2% year-on-year, to €1.6 billion (132.8% of GDP). In the case of non-financial corporations, the increase in minimum wage, labour and investment costs, and lower profit margins explain the rise in … Continued
Labour costs and minimum wage In Q1 2019, the average labour cost1 in Spain has increased for the seventh consecutive month by 2.1% year-on-year (up to €2,550.27 per month per employee), its largest increase since Q4 2013. By components: • The average salary cost2 has increased by 1.7% year-on-year (to €1,876.19 per month per employee), … Continued
Industry Spain In March, industry indicators exhibit a downward trend year-on-year. Specifically: • The Industrial Production Index (IPI) dipped by 3.1% for the second consecutive month, 2.9 pp more than in February. By sector, the most noticeable drops occurred in energy goods (-9.9%) and durable goods (-5.8%), while capital goods (+0.5%) and intermediate goods (+0.4%) report … Continued
Labour market Spain In March, the registered unemployment in the Social Security fell by 4.89% year-onyear to amount to 3,255,084 unemployed, while the number of affiliates increased by 2.93% to a total of 19,043,079. Tourism sector Spain In 2018, the Synthetic Indicator of Tourism GDP in Spain (ISTE) reported an annual increase of 1.9%, which … Continued
Spain’s Balance of trade In 2018, Spain’s trade deficit widened by 36.6% due to an increase in imports of goods (5.6%), and are 2.7pp higher than the increase in exports (2.9%). The lower dynamism of our exports is mainly explained by the deceleration of the main European economies and global trade tensions. Women on Boards … Continued
Business… at a glance February 2019 from Círculo de Empresarios
Business creation The incorporation of companies in Spain between January and November reached 88,790 companies, representing an increase of 0.77% year-over-year. By Autonomous Community, Castile-La Mancha and Madrid exhibited marked progress with 8% and 7.4%, respectively. In contrast, sharp drops were recorded in Asturias (-9.7%) and Catalonia (-6.7%). Manufacturing PMI In November, Spain’s manufacturing PMI … Continued
Business financing In 2017, the financing of non-financial companies in Spain originating in fixed income and variable income totalled €10.5bn and €26.8bn respectively, while the net flow of bank loans decreased by €7bn. This situation starkly contrasts with the pre-crisis period, when the flow of bank financing represented almost 21% of GDP (€211.6bn). Currently, Spain … Continued
Business perception In Q4 2018, the Harmonised Business Confidence Index (HBCI) of Spain decreased by 1.1% year-on-year to stand at 133.9 points, recording its biggest drop since 2013. The percentage of businessmen that are more pessimistic increases to 16.1%, while the optimists fall for the second consecutive quarter and are down to 19%. Business activity … Continued
The evolution of lending in Spain From January to July, the volume of new loans to companies reached €221 billion, an increase of 8.8% year-on-year. Concurrently, new consumer credit (€20.1 billion) and housing-loans (€26.8 billion) saw gains of 21.8% and 15.8% year-on-year, respectively. Private capital investment In Spain, in the first half of 2018, investment in … Continued
Business financing In 2017, bank financing for non-financial companies listed on the IBEX 35 reached €69.1 billion (5.9% of GDP), accounting for 32.9% of total financial liabilities (39.1% less than in 2010). At the same time, a structural change in its financing model was confirmed by increasing corporate debt issues by 27.8% since 2010 (55.3% of … Continued
Business… at a glance June 2018 Círculo de Empresarios de Círculo de Empresarios
Corporate tax receipts 2017 Corporate tax receipts in 2017 increased by 6.8%, from €21.6 billion in FY2016 to €23.1 billion in FY2017, mainly due to the improvement in corporate profits. The tax base widened to 106.3 billion, 11.7% more than in 2016. By company size, the large enterprises1 and the consolidated groups accounted for 86% … Continued
The MAB & the MARF The Alternative Equity Market (MAB) In 2017, the financing obtained through the MAB by the segment of growth companies reached €112 million (-40% yearly) in 11 operations, with 42 companies already making up this market. The Alternative Fixed-Income Market (MARF) During 2017, 29 MARF companies leveraged €3.9 billion in corporate … Continued
Business Confidence In January 2018, Eurozone PMI Composite Output Index rose to 58.8 (58.1 in December), its highest level since June 2006. France leads the growth ranking at 59.6, followed closely by Germany, Italy, and Ireland at 59. The February 2018 estimate is that of a slip to 57.5, a three-month low, although it remains … Continued
Asi está the economy January 2018 Circulo de Empresarios from Círculo de Empresarios
Corporate Tax In Spain, between January and October 2017, tax revenues from Corporate Tax amounted to €20.094 billion, 9.6% more than in the same period of the previous year. The Government expects to collect €24.399 billion (2.1% of GDP) at the end of the year, 12.5% more than in 2016. Dividends Spanish public listed companies … Continued
Independence challenge This year in Catalonia, the number of companies starting up has fallen by 54.5% from its annual peak in March 2017 to September. Specifically, since January 2017 the year-on-year average stands at -14.5%. Thus, Catalonia’s ability to create new businesses with regard to all of Spain, has fallen by more than 10 percentage … Continued
Business demography Structural business statistics According to the Central Business Directory (DIRCE) in 2016 and for the third consecutive year, the number of active companies increased by 1.4%, reaching 3.282.346. Reduced business size By number of employees, 55.5% of all Spanish companies had no employees and 27.2% had just one or two employees. Altogether, in … Continued
Investment (Bank of Spain) Productive private investment in Spain has had a key role in our economic recovery, contributing to more than 20% of GDP growth between 2014 and 2016. By components, the greatest investment was in capital goods and transport material. This investment dynamism was greater than that in the Eurozone, and has been … Continued
M&A Spain During the first quarter of 2017, there were 524 mergers and acquisitions for a total of 23.681 billion euros, some 48% greater in year-on-year terms. This is partly due to more high market operations worth more than 500 million euros. By sectors, the real state attracted the the highest number of operations with 124, … Continued
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 … Continued
Risk Capital in Spain 2016 balance After six months of political uncertainty, investment activity was more vigorous in the second half of 2016, something explained in part by seven large operations that accounted for 47% of the year’s total investments. According to the initial estimates by Ascri, risk capital in Spain finished 2016 with total … Continued
Spanish banking sector Profits During the first quarter of 2016, amidst low interest rates, the consolidated results of Spanish credit institutions dropped 23.6%. By contrast, the improvement in economic activity has made it possible to continue to lower the volume of troubled assets (down 40% since December of 2013). At the same time, according to … Continued
Payment performance Average payment time (INFORMA) In the 2Q of 2016 the average payment period continued to drop, reaching 91.48 days, its lowest level since the 2Q of 2014, and 3.37 days lower in year-on year terms. For its part, the proportion of punctual payments by companies (47.52%) increased 4 percentage points in comparison with the same quarter of the previous year. … Continued
