Category: Spain

Spain Exits 2-Year Recession, But Job Creation Remains Low

The Spanish economy grew by 0.1 percent between July and September this year on the back of stronger exports, according to estimates from Spain’s central bank on Wednesday, though unemployment remains stubbornly high at around the 26 percent mark.

Highlighting the growing competitiveness of Spanish goods, the Bank of Spain said that exports were likely to continue driving the nation’s growth through next year, ending more than two years of negative GDP growth.

Spain May Switch Time Zone To Boost Productivity

The Spanish government is reportedly considering moving its clocks back by an hour in order to improve workers’ eating and sleeping habits, according to a BBC report on Friday, following the release of a parliamentary report backing the time-zone switch.

Spain Exits Recession, But Not Yet Out Of Crisis: PM

Spain will see economic growth of between 0.1-0.2 percent during the third quarter of 2013, said Prime Minister Mariano Rajoy on Monday, though he warned that a great deal of work would still need to be done before the economy can get back on track.

Germany Offers 5,000 Jobs A Year To Unemployed Young Spaniards

Germany and Spain have signed an agreement that will place up to 5,000 young Spaniards each year in German jobs or apprenticeships, the Financial Times reported.

The deal, signed by their respective labour ministers on Tuesday, is not believed to be legally binding; but appears to act as a solution for both Spain’s chronic youth unemployment and Germany’s present shortage of skilled workers.

Spain’s Population Shrinks For First Time In History As Immigrants Flee Crisis

The population of Spain fell by 206,000 people last year amid record high unemployment and weak economic growth, reported the National Statistics Institute on Monday, marking the first time Spain has seen a population decline since official records began in 1857.

Foreign Investors May Sue Spain Over Renewable Energy Cuts: Report

Foreign investors in renewable energy projects in Spain are considering legal action against the government for cutting subsidies on alternative energy technologies, reported Reuters on Thursday, after claiming that the government’s new rules broke the terms of their investment contracts; and may result in virtually no profit for renewable energy plants.

Spanish PM Embroiled in Corruption Scandal

Spanish Prime Minister Mariano Rajoy has been accused of hiding almost 250,000 euros ($340,000) from tax authorities after the El Pais daily published handwritten extracts from what it said were secret accounts for his ruling People’s Party.

El Pais said the documents showed payments were received from a number of well-known Spanish businessmen, which were then used to supplement incomes of senior party officials for more than a decade. The most recent payments were received in 2009.

Catalonia Asks Central Government for €9bn Bailout

Catalonia has formally requested 9 billion euros ($12.3 billion) from a bailout fund created by Spain to save its financially beleaguered regions, as well as a lower deficit reduction target. Just two months ago, the industrious but indebted region in northern Spain had pushed for a referendum on independence, believing it would be financially and economically better off without the rest of Spain.