The Círculo de Empresarios’ principles and recommendations for energy transition

Contemporary society is undergoing extraordinary transformation with major consequences for the energy sector – a key industry with respect to socio-economic progress. Global GDP is forecast to double by 2050 and the world’s population will reach 9.8 billion. Given this context, it is essential to tackle climate change and environmental protection, promoting the efficient and … Continued

Ten pressing issues for the Spanish Healthcare system in 2019

One of the main objectives of the Círculo de Empresarios is to analyse the different areas of Spain’s economic and social reality and to offer ideas and constructive proposals for the benefit of Spanish society as a whole. In this sense, we have always been concerned about our Welfare State, and making it sustainable and responsive … Continued

C-Suite Challenge Report 2019

Companies are evolving all the time: they grow; split off into smaller parts; acquire and divest; innovate products, processes, and services; adopt new technologies; and engage differently with their customers and employees. And so it has been for centuries. But today, companies are grappling with fundamental paradigm shifts. Disruptive forces are rendering company and industry-wide … Continued

Youth employment and Dual FP: Youngsters enthusiastic about their future

Youth training in Spain must adapt to the needs of the labor market in a more global, interconnected and ever-changing world in which talent is key. The school dropout rate, inefficient career guidance and the mismatch between the education system and business fabric are the main causes of the high level of youth unemployment in … Continued

The Barometer of the Círculos 2018

In its fifth edition, the Barometer of the Círculos, restates its commitment to Spanish society, by seeking out solutions that are aimed at rectifying the socio-economic imbalances that persist in our country. In order to achieve a more global and structured vision, the three institutions promoting the Barometer of the Círculos, Círculo de Empresarios, the … Continued

A pact for inclusive growth

The year 1977 evokes images of change, freedom, openness and mutual understanding. Many Spanish people can remember where they were when the recent democratic history of our country began. Others, because of their age, grew up while this was being consolidated, or had the good fortune to be born in a modern Spain that was … Continued

A better Spain for everyone

All the best things that have happened in Spain over the past 40 years of democracy have been a result of the attainment of our freedom and the achievement of our country’s modernisation, which has been boosted and reinforced through our integration with and commitment to the European project. Since 1977, the history of Spain … Continued

The Barometer of the Círculos 2017

The Barometer of the Círculos, now in its fourth edition, maintains its commitment to Spanish society to help resolve the imbalances that persist in the wake of the recent economic crisis. This objective is shared by the Círculo of Entrepreneurs, the Círculo of Economy and the Círculo of Basque Entrepreneurs, and has been since the … Continued

The Barometer of the Círculos 2016

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

Así está… the company Jun 2016

Foreign companies in Spain According to the most recent report Foreign Multinationals in Spain, in 2013 the number of foreign affiliates was 10,722 (34.4% of Spanish large-sized companies). Taxes A Spanish worker dedicates an average of 180 days of salary each year to pay direct and indirect taxes, principally through Social Security contributions*(102 days) and … Continued

Así está the economy… April 2016

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

Así esá la economy… March 2016

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

Así está the company… February 2016

Barometer of the companies Corporate trends According to the Deloitte Barometer, of the 294 Spanish companies surveyed, 61% report that their billing improved in the second half of 2015 (although it was some 2 decimal points lower than in the first half of the year) a figure slightly higher than their expectations for the first half of 2016. In addition, … Continued

Así está the economy… November 2015

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

Así está the economy… October 2015

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

Así está the company… Octubre 2015

Private sector financing New company credit Since February of 2015, in year-on-year terms, there has been a gradual recovery in the flow of new credit to non-financial companies. In August, lending by credit institutions to companies was 23,650 million euros, or 16.3% more than in the same period of the previous year. While this was a more moderate increase than in July … Continued

Así está the company… September 2015

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

Así está the economy… September 2015

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

2016 General State Budget: possible, but we need more reforms to strengthen growth

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

2016 General State Budget: possible, but we need more reforms to strengthen growth

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

Así está the company… Julio 2015

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

Así está the economy… July 2015

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

Así está The Company… Jun 2015

Financial accounts Capacity and need for financing Increases in excess profits of non-financial corporations has strenghtened internal financing, reducing the debt burden. In 2014, they had a financing capacity of 11,335 million euros in contrast to the more than 90,000 million euros in necessary financing in 2007. Banking disintermediation has helped to reduce company debt … Continued

The Barometer of the Círculos 2015

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

May 2015. Así está the economy…

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

Reindustrialization, Shadow economy, Entrepreneur, Financing, Así esta the company

Reindustrialization in Spain There has been a slight improvement in the industrial sector in Spain: Industrial production in January increased 0.4% year-on-year (adjusted for seasonal effects and calendar), mainly thanks to the energy sector (+3.9%) and capital goods production (+1.1%) (Index of Industrial Production, INE). Investment in capital goods increased 10.3% year-on-year in the 4Q … Continued

March 2015, Así está the economy

SPAIN GDP, consumption and investment 2014 ended with a growth in GDP of 1.4% and an increase of 2% year-on-year in the fourth quarter. The acceleration is based on the recovery in consumption and investment. Private consumption grew 0.9% in the fourth quarter, reaching a year-on-year growth of 3.1%. By contrast, public spending, with nine … Continued

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