When the Círculo de Empresarios was founded some forty-three years ago, our main concern and aim was centered upon ensuring that economic freedom would develop in tandem with increased political freedom. Our founders understood that we would be unable to enjoy liberty in general if our political freedom did not extend to all aspects of … 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 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
GDP growth In Q3 2018, the year-on-year growth of Spain’s GDP remained stable at 2.5% (0.6% compared with Q2 2018), with a 3pp contribution to growth by domestic demand, and for the fifth consecutive quarter, a negative contribution by the external sector (-0.5pp). The Spanish economy grows with a difference of eight-tenths (0.8) above the … 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
Signs of slowdown set in for the Spanish economy • GDP In Q2 2018, the Spanish economy expanded by 0.6% quarter-on-quarter, one-tenth less than in Q1, and 2.7% year-on-year, after narrowly exceeding 3% in the last three years. This evolution is explained by the deceleration in private consumption (+0.2% vs 0.6% average in 2017) and by … Continued
Perspectives on Global and Spanish Economy Q3-2018 Circulo de Empresarios from Círculo de Empresarios
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
Economic growth According to BBVA Research forecasts, Spain’s annual growth will be 2.9% in 2018 (0.4 pp more than the previous estimate). This development is mainly based on a 2.6% annual increase in private consumption, explained in part by the good performance of employment and the increase in real disposable income (2% per year). In contrast, … Continued
Business… at a glance June 2018 Círculo de Empresarios de Círculo de Empresarios
Economy at a glance june 2018 Circulo de Empresarios from Círculo de Empresarios
Alongside growth and corporate responsibility, institutional quality represents one of the three centerpieces guiding the considerations of the Círculo de Empresarios. It has been a fundamental issue of our concern since the beginning of our association more than forty years ago. It can be shown empirically that the progress and well-being of society are intricately … Continued
Preliminary Quarterly GDP In Q1 2018, the Spanish economy grew by 0.7% quarter-on-quarter, maintaining the rate of advance of the last two quarters. This evolution continues to be supported by the dynamism of domestic demand, by the improvement of financial conditions and the labour market, and also by the positive contribution of the external sector … Continued
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
Economic Growth In Q4 2017, the Spanish economy grew by 3.1% year-on-year, reaching a nominal GDP of €1.16 trillion, and retains a favourable gap from the Eurozone average (2.7%). The domestic demand had a contribution of 3.2 points to this growth, 0.2pp more than in Q3 2017, while the foreign sector declined to -0.1 points, … 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
Así está… the economy february 2018 Círculo de Empresarios from Círculo de Empresarios
Así está… the company January 2018 Circulo de Empresarios de Círculo de Empresarios
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
SPAIN National Accounts (INE) In Q3 2017, the Spanish GDP recorded a year-on-year growth of 3.1%. It is worth noting the growth of domestic demand (2.7 points vs. 2.3 in Q2), while external demand shrank from 0.8 points in Q2 to 0.4 in Q3. Looking at the individual components of domestic demand, the final consumption … Continued
SPAIN GDP flash estimate Q3 2017 (INE) In Q3 2017 the Spanish economy grew by 0.8% quarter-on-quarter (in comparison with 0.9% in Q2) and by 3.1% year-on-year, due to the increase in private consumption and investment, especially in the construction sector. The foreign sector gained momentum in a global environment with a more synchronized growth. … Continued
