Search Results for: label/Spain
Spain panicked over possible rate hikes
I have been reading the Spanish press a lot recently to see what is happening in the Spanish property market. On the one hand, the country is transfixed over a strike by truck drivers (link in Spanish) that has left Spain’s major cities without adequate food supplies. Nevertheless, on the other hand, over the past
Spain: Week’s News Round-Up
This is a Spanish-language only News Round-Up on the economic situation in Spain from El Pais. Zapatero pisa el acelerador por la crisis ¿Crisis? ¿Qué crisis? “Escenario de dificultad”, “periodo de ajuste fuerte” o “desaceleración profunda de la economía”. Éstos son algunos de los términos que empleó ayer el presidente del Gobierno, José Luis Rodríguez
Spanish economy slowing fast
A leading Spansh newspaper, ABC, reported today that Spanish growth is decelerating quickly. According to the paper, year-on-year growth slowed from 3.5% to 2.7% while quarter-on-quarter, growth was only 0.3% versus 0.8% in the previous quarter. The article goes on to say that construction spending has been hampering both growth and employment as housing has
Spanish furniture sales down on housing bust
Update: A more thorough analysis of the Spanish economy is at my post Outlook for Spain: Recession. The leading Spanish Newspaper ABC is reporting that furniture sales are down 20% nationally for the first three months of 2008 due to the housing bust in Spain. As in the US, affected property markets will see the
Spanish local governments struggling with bust
On Friday, the Spanish newspaper ABC reported that Spanish municipalities are being hit hard due to the tax revenue shortfalls emanating from the effects of the Spanish property market crash. The two local governments most affected have been Madrid and Catalonia. “The two municipalities that earned the most from [property-related] taxes, Madrid and Catalonia, in
Spanish property market implosion
The Telegraph reported Friday that sales in the Spanish property market have plunged and many British vaction home investors will find themselves under water. “In the clearest sign yet that the boom is over, the developers said the combined value of their sales had plummeted from 1.3?billion euros (£1?billion) to less than 300?million euros (£240?million).
Spain: Next Stop – recession
Spain is perhaps the next domino in the global credit bubble to fall. The UK economy is slowing as well, but the pace of slowing in Spain is truly remarkable. According to Spanish-language news reports I have seen today (see Round-up), Spain is being hit with a housing bust that has led to increasing unemployment
Spain’s problems
There was heavy overbuilding in Spain as the global housing bubble caught fire there these past years. Now, Spain’s bubble has burst and it is having dire economic consequences. The Spanish National Statistics Office released the most recent unemployment figures showing an enormous jump from 8.6% to 9.6% in one month, the largest monthly change