Spain Business News

Spain forecast GDP for 2023

March 2023
Spain GDP growth is revised upwards in 2022 and 2023 to 5.5% and 1.6%, respectively, and downwards in 2024 to 2.6%.
The Spanish economy is holding up better than expected, although the expectation of higher interest rates and persistent inflation worsen the growth scenario for 2024

Spain Economy Shrink

May 2020
The Spanish economy shrank in the first quarter of 2020 by 5.2% due to the corona pandemic.
The prior forecast was a shrink of only 4.4%.
In the last quarter of 2019 the economy grew by 0.4%.
The present shrink is worse than the first quarter of 2009 when the economy shrank by 2.6%.

Spain Economic Outlook Update

November 2013
The credit rating agency S&P upgraded on November 29, 2013 Spain's economic outlook from negative to stable.
The agency reaffirmed Spain's previous BBB- long term credit rating.

Spain 27.16% Unemployment Rate

April 2013
According to a release by the Spanish statistics institute on April 25, 2013 Spain's unemployment rate rose to a record 27.16% in the first quarter of 2013 compared to 26.02% in the previous quarter.
The number of additional unemployed rose by 237,400 in the first quarter reaching a total of 6.2 million unemployed.

Catalonia New Tourist Tax

December 2012
Starting 1.11.2012 a new tourist tax is imposed on accommodation in Catalonia.
The daily tax is EUR 2.50 for five star hotels. The tax for four star hotels is EUR 1.25 for staying in Barcelona and EUR 1 for the rest of Catalonia.
For three star hotels the daily tax is 75 cents in Barcelona and 50 cents in the rest of Catalonia.
The tourist tax is imposed on adults only up to a maximum of seven days.

Spain 24% Unemployment Rate

April 2012
According to data released on April 27, 2012 Spain's unemployment in the first quarter of 2012 reached a record 24% unemployment rate, the worst in the last 18 years and one the worst world unemployment rates.

Spain's Credit Rating Downgrade

October 2011
Fitch credit rating agency downgraded on October 7 Spain's long term sovereign debt rating by two notches from previous AA+ to AA- with a negative outlook for Spain.
Despite the downgrade Fitch views Spain's sovereign solvency as secure.

Iberia British Airways Merger Approved

November 2010
The shareholders of Iberia and British Airways approved on November 29, 2010 a $ 8.9 billion merger between the two airlines creating the world third biggest airline.
The British approval is still subject to a further court decision.
The merger will create a new holding company named International Consolidated Airlines Group.
According to the memorandum of understanding BA shareholders will get one new share of the new company for each existing BA share, while Iberia shareholders will get 1.02 shares in the new company for each existing share in Iberia.
The merger is expected to take effect in January 2011.

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