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Spain continues to be morocco’s main two way trade partner

MADRID: Spain has been a primary export destination and an importer of Moroccan goods since 2012. During 2017, the main exported products were electrical materials (29.3 percent), clothes (23.1 percent), and mollusks and crustaceans, representing 8.1 percent of exports to Spain. Morocco’s primary export customer is Spain. 41 percent of Spain’s total imports come from the Kingdom, France was second ... Read More »

Spain to pay compensation to renewables investors

MADRID: The ruling by the arbitration institute of the Stockholm chamber of commerce, disclosed this week by the Spanish photovoltaic producers association ANPIER, follows a €128 million award against the Spanish government by the World Bank’s ICSID arbitration panel in May 2017. The arbitration cases pending against Spain could lead to costs to the Spanish electricity system of €7.66 billion, according to ANPIER’s ... Read More »

dark economic clouds gather over Spain

MADRID: Spain is one of the most popular destinations in the world for a beach holiday, but its business climate is less welcoming at the moment, thanks to a huge hedge fund bet. The world’s largest hedge fund, Bridgewater Associates, has bet $22 billion that the share prices of several European companies will go down. The position includes $1.7 billion ... Read More »

Spain’s continuing export boom analysis

MADRID: Exporting was a path to survival for many companies after the country went into a prolonged recession following the bursting of a massive property bubble in 2008 and the global financial crisis. Faced with plummeting demand from consumers, companies and the government, some companies, particularly small and medium-sized ones, had no alternative but to seek out markets abroad or ... Read More »

Spain considers tax breaks for Blockchain and Cryptocurrency

MADRID: Spain are set to debate on a new legislation that will exempt companies utilizing blockchain and cryptocurrency from paying tax. The bill being proposed by the ruling People’s Party will also propose incentives to attract startups seeking funds through Initial Coin Offerings (ICOs). In line with this bill, Spain’s National Securities Market Commission (CNMV) is drafting a guideline to ... Read More »

Spanish people’s party contemplates tax breaks

MADRID: The People’s Party of Spain is considering legislation that would give tax breaks to companies that use Blockchain technology, Bloomberg reports Feb. 15. Teodoro García Egea, the lawmaker preparing the bill, told Bloomberg that the legislation should be ready this year. García Egea added that bringing Blockchain-based companies into Spain will promote business across all industries, from finance to health. García Egea’s Twitter ... Read More »

Second economic transition for Spain

MADRID: In 2015, the IMF lead its report on Spain with this warning: “in spite of the significant improvements since the crisis. Just by reducing the high level of elasticity of imports and stimulating exports, the structural reforms undertaken can bring a substantial improvement in the external current account balance. This in turn will contribute to alleviating the risk of Spain ... Read More »

Spain coastguards find three dead migrants on boat

MADRID: Spain’s coastguards rescued 82 migrants trying to cross the Mediterranean on Friday but found the bodies of three other people on board one boat. In a tweet, the coastguards said the migrants were on two separate boats and were rescued in the Alboran Sea, between Morocco and Spain’s Andalusian coast. Spain is the third busiest gateway for migrants arriving ... Read More »

Spain ups growth forecast as Catalan fears ease

MADRID: Spain’s growth forecast for 2018 to “at least 2.5 percent” just months after it was downgraded over the secession crisis in Catalonia. This year, 2018, we will have a growth forecast of at least 2.5 percent, with the creation of 400,000 jobs,” he told a conference in Madrid. In October, at the height of an attempt by Catalan leaders ... Read More »

Spain December industrial output grows at fastest rate in almost 18 years

MADRID:  Spanish industrial output grew in December at its fastest pace since May 2000, official data showed on Thursday, the latest data to back expectations of continued strength in the domestic economy. Calendar-adjusted industrial output rose 6.1 percent year-on-year in December, according to data from the National Statistics Institute, above Reuters forecasts for a 3.9 percent increase. Spain suffered an almost five year ... Read More »

Spain and African and latin American bananas in November

MADRID: In November of 2017, 34.570 tons arrived from the Canary Islands and 30.850 tons were imported, mainly from Africa and Latin America. As re-exports amounted to 8.236 tons, Spanish consumers had at their disposal about 57.183 tons of bananas, i.e. 2.2% more than a month earlier. The imported banana’s market share in November has ranged from 40% to 54% ... Read More »

Spain presses the EU not to lose agricultural

MADRID: The EU budget amounts to 155 billion euro/year; Barely 1% of GDP. Two-thirds go in agriculture and cohesion, and re is little flexibility when unexpected crises come, a constant for 10 years. The disturbing departure from UK, one of biggest contributors, is to subtract 12 billion annuals. The Great Recession has highlighted shortcomings of euro, and associated crises (immigration ... Read More »

Spain says will present Spanish candidate for ECB vice president position

MADRID: Spain will present a candidate for the position of vice president of the European Central Bank, though a final name had yet to be confirmed, Spain’s government spokesman Inigo Mendez de Vigo said on Friday.The government has not taken any decision on the candidature. The time limit is until Feb. 7 and we will announce a Spanish candidate. No ... Read More »

Morocco competes with Spain on EU watermelon market

MADRID: The EU has almost doubled its watermelon imports over the last decade. Prices have also increased, from €0.387/kilo 10 years ago to €0/453/kg at the moment. Last season Spain sold 1,188,593 tons of watermelon in the EU, which represents 40% of the total watermelon volume imported by the EU. Spain is therefore the EU’s number one watermelon supplier with ... Read More »

Spain sees strong growth in berry plantings

MADRID: A release from industry body FEPEX said that for the 2018 campaign there would be 11,145 hectares dedicated to the crop in Huelva, a southeastern province that produces more than 95% of national volume. The association noted similar levels of growth were also being seen in other producing countries like Argentina, Chile, Peru, Morocco and South Africa. Among the ... Read More »

Spain’s economy slows down slightly to 3.1 percent in 2017

MADRID: Official statistics show Spain’s economy grew 3.1 percent in 2017, two percentage points slower than the previous year but still above the European Union average. The National Statistics Institute said Tuesday that GDP growth slowed in the final quarter to 0.7 percent, from 0.8 percent and 0.9 percent in the third and second quarters. The statistics were in line ... Read More »

Spain’s GDP growth slows slightly in Q4

MADRID: Spain’s economic growth slowed slightly in the fourth quarter, advance estimate from the statistical office INE showed Tuesday. Gross domestic product climbed 0.7 percent sequentially, as expected, but marginally slower than the 0.8 percent increase registered a quarter ago. A similar slower growth was last seen in the fourth quarter of 2016. The economy has been expanding since late ... Read More »

Spain lowers lemon production forecast

MADRID: Spain’s Interprofessional Lemon and Grapefruit Association (ALIMPO) has revised downward its lemon production forecast for the 2o17-18 season.  Fino lemon production is expected to end up at 862,000MT, which would be 5% down on the initial forecast but 6% up on the previous season. The Verna lemon forecast, meanwhile, is down only slightly on the September estimate but remains ... Read More »

Power link between Spain and France approved

MADRID: The link between the two countries will be sited in the Bay of Biscay, and will nearly double capacity to share excess power. The largest-ever energy grant from the Connecting Europe Facility will be “decisive” in building the link that will run 280 km of offshore cable and underground connections in France that will add 2,200MW of capacity between ... Read More »

Spain launches evasion probe of singer Shakira’s taxes

MADRID: Musician Shakira is under investigation in Spain for possible tax evasion during the three years before she officially moved to Barcelona, Spanish authorities said Tuesday. Shakira switched residences in 2015 from the Bahamas to Barcelona, where she lives with her partner, Barca football player Gerard Pique, and the couple’s two sons. Spanish tax authorities suspect the Colombian singer already ... Read More »