The first “end of the summer”, the end of August, leaves in unemployment the effects of an economy that continues to rely on tourism as its main source of growth. Thus, unemployment rose by 21,884, in almost all communities, led by the Basque Country and the Mediterranean area. This is an advance in an upward curve that tends to be more so in September, when visitors say goodbye definitively. Moreover,…
The number of international tourists arriving in Spain reached its highest figure in the first seven months of 2024, touching 53.4 million, an increase of 12% over the previous year, according to data from the National Statistics Institute (INE), which points out that spending by these tourists has increased by almost 20% up to July, reaching 71.1 billion euros. For the Minister of Industry and Tourism, Jordi Hereu, “the significant…
The Bank of Spain has informed the ECB of its approval of BBVA’s takeover bid for Sabadell in a document characterized as a “non-opposition” opinion, which indicates that financial stability would be safeguarded. Although it is non-binding, i.e. it does not oblige the ECB to follow the recommendation, the ECB tends to align itself with the views of national authorities. The report in question was drawn up by the internal…
Alphavalue / Divacons | The company headed by Rafael del Pino is leading the consortium building T1 at New York’s JFK airport, according to Expansión newspaper. This is the most important project currently under way in the US city. The investment amounts to $10,000 million (about €9,200 million), including a historic green bond issue of 2,550 million. It is also the largest public-private project in the United States. Ferrovial took…
Alphavalue / Divacons | The Spanish construction company rose +0.56% yesterday after announcing that the Calcasieu Bridge Partners (CBP) consortium had reached financial closure for the bridge over the Calcasieu River. This is the design, construction, operation and maintenance for 50 years of the bridge over the Calcasieu River, part of the Interstate Highway (I-10), located in Louisiana (USA). According to the company itself, the financing includes a $1,333 million…
The ordinary monthly payroll for pensions exceeded €12,000 million for the first time in July 2023 and this month marks a new record again after the increase in contributory pensions by 3.8% for 2024. Of the €12,828 million spent in August on the ordinary payroll of contributory pensions, three quarters (73.1%) went to the payment of retirement pensions, which totalled €9,378.6 million, 6.8% more than in August last year. At…
Link Securities | The Bank of Spain (BdE) published on Monday that the debt of the Public Administrations as a whole increased by 1.5% in June compared to May, an increase equivalent to €24,769 million, to €1.624 billion, which is a new all-time record. According to the BdE, using nominal GDP for the last four quarters, the debt-to-GDP ratio stood at 108.2% at the end of 1H2024. According to the…
CdM | In July, the fall in electricity prices caused inflation to drop six tenths of a percentage point, with the Consumer Price Index (CPI) falling to 2.8%, according to the final data published by the National Statistics Institute (INE). The moderation in food prices also contributed. The CPI is thus at its lowest level since February and has now fallen for two consecutive months after the rises recorded in…
Link Securities | S&P Global’s services PMI for Spain declined in July to 53.9, down from 56.8 in June, and also lower than the consensus forecast of 56.0. Thus, the reading assumes sustained growth in the Spanish services sector, but at its slowest rate of improvement since last January, due to a slowdown in new orders and output growth. Meanwhile, new export business grew solidly once again, maintaining a rate…
Bankinter: The number of unemployed fell in July by 10,830 people (from 46,780 previously). The number of unemployed now stands at 2.55 million (down 4.8% year-on-year and 0.4% month-on-month). The seasonally adjusted Social Security affiliates remain at 21.17 million people (up 0.01% month-on-month and 2.2% year-on-year). Analysis: The number of unemployed continues to fall, although the pace is now more moderate. From these levels, it is falling less than is…