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.
Labour costs for companies
According to the Quarterly Survey of Labor Costs, in the 2Q of 2016, labor costs for companies dropped 0.1% year-on-year to 2,589€ per month (1,943€ in salaries; 585.96€ to Social Security contributions; and the rest to financial compensations, to social benefits…).
Stock Markets
Doubts about world economic growth, Brexit, and the evolution of the European banking sector led the selective Spanish stock market index in June to the lowest levels of of 2013 (down an annual -15%), although its drop until October has mitigated by -7%.
According to the MSCI, from January to October the stock markets of emerging nations rose 15% due to the prudent stance of the Fed and the recovery in the price of raw materials, among other factors. This reprsents their best performance since 2010, and for the first time in four years they surpassed advanced economies in profitability.
Business confidence (INE)
The Business Confidence Index rose slightly, 0.2%, in the 3Q of 2016 in comparison with the previous quarter, principally in the construction and
commerce sectors. In particular, 20,8% of businnessmen felt this quarter was positive and for the first time in the historical timeseries
data was greater than the unfavorable or negative opinions (20.7%). Nevertheless, expectations for the coming quarter have worsened slightly.
Chemical sector
Overseas market and companay structure
The chemical industry has increased its exports since 2007 by 43%, and continues to be the sector of the Spanish economy with the 2nd highest volume of exports, after the automotive sector. By areas, Spain’s principal clients are the EU (59% of the total), Asia (14.2%) and the Americas (13,9%).
Some 85% of this sector’s companies are micro and small firms, while 15% are medium-sized and large. In addition, their annual contribution to the fiscal system is 8,400 million € (0.8% of GDP)..
Innovation and employment
Some 56% of the companies in the chemicalsector are innovative, as against the industrial average of 23.3%, and thus represent 25% of the R+D+I of the
industrial sector in Spain. Likewise, the chemical sector generate 191,400 direct jobs, with more than 90% of permanent contracts. (75% national average).
Corporate debt
According to the BIS, China’s corporate debt accounts for two-thirds of its total debt, and has grown 72% since 2009; it is curently at 170% of GDP (71.6% in USA and 105% in the Eurozone). In addition, more than half of this debt is short-term, as against the US and the Eurozone, where hardly reaches to one third of its total debt.
Central Banks balance sheets
The balance of the top 10 largest Central Banks is increasing at its greatest rate since 2011, and is now at 21.4 trillion $ (29% of world GDP). In addition, 82% is concentrated in China, Japan, the USA and the Eurozone.
Foreign Exchange Market
According to the BIS (April-16), trade in this market averaged 5.1 trillion dollars per day (-5,5% year on year). For its part, the dollar continued to be the dominant currency (88%) ahead of the euro (31%) and the yen (22%). However, the share of these currencies has diminished in favor of the currencies of emerging nations (21.2% of the total).
