Glad to see we have the top brains on the job. According to the Ministry of Economy and Competitiveness, the prolonged recession is due to a continued decline in consumer spending and construction. Price hikes in all sectors, increased direct and indirect taxes (VAT, IBI, airport taxes etc), increased unemployment, wage reductions – way to go to encourage consumer spending. …
Way to go…
Raising the rate of IVA by anywhere between 3 and 17 points is not an austerity measure but a quick way of earning a bit of extra revenue. But what a way to try and stimulate consumer spending and tourism in a stagnant economy: hammer the consumer at every turn with higher IVA, clobber the tourist with increased airport taxes …
New regional government finally gets going
The new Andalucian regional government of José Antonio Griñán has held its first meeting and announced an immediate ‘Agenda for Jobs’ including a ‘Crash Plan’ worth €200 million to be launched before the summer.
Andalucian economy expected to shrink further
The Andalucian economy is expected to contract by 2.5% during 2012 with unemployment rising to 33.5% according to the Economic Analysts of Andalucia, the second biggest drop in GDP since the financial crisis began.
European Commission makes economic recommendations
The European Commission has set out individual recommendations for the economies of each of the EU’s 27 member states and the eurozone as a whole, at the same time complaining that members’ economic reform plans often lack ambition and are not specific enough.
IMF expresses concern about Spanish economy
The International Monetary Fund (IMF) has once again raised concerns about Spain’s economy, advocating drastic reforms to ensure its recovery.
The Andalucian economy
According to Economic Analysts of Andalucia, the economic crisis has finally bottomed out but it will be the latter half of 2011 before any substantial growth in employment is seen.
Recession, it’s official now
The Government has confirmed that Spain is now officially in recession.
Bleak outlook for 2009
The Minister for the Economy, Pedro Solbes, has admitted that there is every possibility that unemployment will continue to rise in 2009, despite Government efforts to minimise the impact of the current worldwide financial crisis. The Government created a new €11,000 million fund to stimulate public works within municipalities and create more jobs, but the Minister said that, so far, …
Car production falls again
There is not much good new at the moment on the economic front. Car production in Spain fell by 25.9% in October compared to the same month last year, with the overall year to date decline being around 7.1%. However, this is expected to reach 10% by the end of the year.