| 6 June |
New car sales were up in May by 7% over the same month
last year, taking the year-to-date figure to a positive 0.6% after four months
of negative growth. |
| 4 June |
Registered unemployment continues to drop, with figures
for May falling below the 1.5 million mark for the first time since January
1981. The reduction of 57,000 persons also takes the percentage figure below
the 9% mark to 8.76% of the active population. It should be noted that
unemployment amongst men is now at 5.75%, which is considered close to full
employment, whereas 13.6% of women are still without a job. There is still
concern however for the number of temporary contracts, which represent around
32% of the total figure. The statistics have been favourably affected, as
always at this time of year, by the start of the tourist season. |
| 30 May |
Public sources announced that tourism in the first four
months of the year had risen by 3.2% over last year's figures, with some 19.4
million people visiting Spain during that period. |
| 18 May |
As Spain continues to catch up with Europe, only six
autonomous communities, Galicia, Ceuta, Asturias, Murcia, Extremadura and
Andalucia, fall into the classification of the poorest regions of Europe,
defined as below 75% of average GNP. This classification gives the areas in
question access to funds from Brussels for the least developed regions. The
study carried out by the Spanish Savings Bank Foundation was based on year 2000
figures, although as the official ranking is based until 2006 on figures
released in 1998, five other areas, the Canary Isles, Castilla-León,
Castilla-La Mancha, Cantabria and Melilla all currently qualify for assistance.
The average GNP for Spain is now at 86.6% of the European average, still below
the 90% limit set for access to the EU cohesion funds, although the imminent
entry of new and poorer countries to the community could result in Spain losing
these subsidies when the figures come up for review. |
| 16 May |
Twenty Spanish companies are in the FT ranking of the
largest 500 in Europe by market capitalization. Telefonica is the largest, in
18th place, followed by the two largest banks, BSCH and BBVA, which are 38th
and 39th respectively. Repsol-YPF (oil sector) and Endesa (energy) are the only
other two in the top one hundred. |
| 11 May |
The Consumer Price Index rose by 0.1% in April to reach
4.0% p.a. The rate is double the government forecast of 2%, and is due mainly
to the tourism sector, with prices rising by 1.1% in the month as the new
tourist season opens. However the increase is less than the average for the
Eurozone, where prices rose 0.3% to an average 2.9% p.a., closing the gap with
Spain to 1.1%. |
| 10 May |
The industrial production index dropped in March for the
second month in a row, this time by 3.7% against the same month last year, to
confirm the slowdown in the economy. The index has fallen by 1% over the first
three months of the year. |
| 4 May |
Registered unemployment for April dropped by 43,000
persons to 1,535,000, representing 9.08% of the active population. Once again
this was the lowest figure for 20 years, and government sources expressed their
satisfaction for the continued downward trend. However trade union spokesmen
put the reduction down to improvements in the services sector due to Easter
holidays, and considered the figures the worst for April in five years.
|
| 30 Apr |
The increase in house prices in recent months has had an
effect on sales. In the first quarter of 2001 prices rose an average 13% p.a.,
and with interest rates up and mortgages not so readily available (down by 12%
on last year), sales have dropped off by 2.3%. |
| 24 Apr |
The government published new estimates for the economy for
2001 after downgrading their forecast growth rate to 3.2%. Internal demand is
expected to drop from an original forecast of 3.9% to 3.3%, investment from
6.9% to 5.3% and growth in employment down from 3.3% to 2.1%. Some 325,000 new
jobs are expected to be created in the year, down 60,000 on the forecast
earlier in the year, giving a total unemployment rate of 12.7% of the active
population. |
| 21 Apr |
The Spanish government finally decided to reduce their
forecast growth rate for 2001 from 3.6% p.a. to 3.2% p.a. Economic minister
Rodrigo Rato said the government had taken the decision after a drop in
internal demand and private consumption in the light of a slowdown in the world
economy, but that they expected GNP to be above 3% for the fifth year running.
The rate contrasts with the IMF and the OECD forecasts for Spain, which are
slightly lower at 2.9%. |
| 18 Apr |
The US Federal Reserve dropped the Dollar base rate by
surprise to 4.5%, a cut of 0.5% p.a. The rate puts the Dollar rate below the
Euro, which is currently at 4.75%. |
| 13 Apr |
Salary agreements signed during the first three months of
the year have included average increases of 3.9% p.a., the highest rate for
five years. |
| 11 Apr |
Inflation in March remained at 3.9% p.a. despite drops in
energy prices of 0.2% over last month. The main rises are in the food and
services sectors, with meat prices increasing by 10% p.a. due to the 'foot and
mouth' and 'mad cow' disease crisis, and tourism up by 20% on last year.
Discounting energy and raw material food prices, the underlying inflation rate
is still at 3.3%, a worrying trend which puts in doubt the government target
rate of 2.0% p.a. for 2001. |
| 10 Apr |
Industrial production in February dropped by 3.5% compared
to the same month last year (1.6% on a comparative basis adjusting for the leap
year). Although the year on year rate is still positive at 0.5% p.a., the
figure confirms the recent slowdown in the economy. |
| 5 Apr |
The number of employed persons affiliated to the security
social system in Spain rose again by 164,500 to 15,51 million. The rise was the
highest in March for 16 years, and is thought to have been brought about by the
recent reforms in labour laws. Registered unemployment dropped again to 9.34%.
|