Spain’s recovery gains strength

Spain’s recovery gains strength

Fecha: 2014
Spanish and International Economic & Financial Outlook, SEFO, V. 3 N.º 2

Sumario

Spain’s economic recovery is gaining strength, but remains sluggishÁngel
  • EN:
    Global growth continues to be moderate, with an improvement in developed countries versus a loss of dynamism in the emerging economies. In Spain, the recovery initiated in 2013 has gained strength over the first few months of 2014, with expected further improvement in 2015, in part supported by the effects of the electoral cycle on the pace of fiscal adjustment and tourism.
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Spanish banks: Boosting solvency and performance ahead of the comprehensive assessment
  • EN:
    European supervision will commence this November with a comprehensive balance sheet assessment of the EU banking sector on the basis of December 2013 accounts. Most Spanish banks have already released their 2013 statements, allowing us to present in this article the results of a simulation exercise, which reveals improvements in the Spanish banking sector´s profitability and solvency ahead of the EU level review.
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Public debt sustainability: Spain in the European context
  • EN:
    As is the case of other distressed euro area countries, the impact of the crisis has deteriorated Spain´s public debt ratio, as well as its net international investment position. Current debt dynamics are raising concerns among investors over the country´s debt sustainability outlook, given growth and interest rate assumptions for the coming years, together with expected difficulty in reaching the necessary primary surplus. Market tensions have eased in the near term, but continued correction of fiscal and external imbalances will be needed.
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The impact of the slowdown in emerging markets on the Spanish economy
  • EN:
    Recent instability in some emerging markets threatens to undermine the recovery in major developed economies, in particular in Spain and other euro area countries, as strong external demand remains a key factor for economic growth.
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The reform of the Spanish electricity sector
  • EN:
    The electricity tariff deficit of 2013 is expected to have reached 4.5 billion euros, below the 5.6 billion euros deficit of 2012, mostly due to energy taxes which entered into force on January 1st, 2013. Including the 2013 result, the accumulated debt stock is projected to rise above 30 billion euros. Recent regulatory measures aim to correct this imbalance through a deep cutback in revenues from renewable energies, but not without generating uncertainty over Spain´s investment climate, as well as the need for renegotiation of outstanding debt tied to renewables projects.
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