Regional Analysis Spain
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Part of the higher inflation we are seeing in Spain is due to a recovery in demand thanks to strong progress in the COVID-19 vaccination drive and economic support policies. Another part is explained by factors that could slow down growth.
National tourism spending remained dynamic in August. The monthly growth reached 9% compared to 2019 levels (7% in July). If spending by Spaniards abroad is excluded, the increase was of 18% (18% in July).
September 7, 2021
Spain | The trend in the common system of autonomous communities financing, 2002-2019
This Working Paper contains homogenized series of regional governments funding constructed on the basis of homogeneous competences at equal fiscal effort from 2002 to 2019.
September 7, 2021
Spain | Impact of COVID-19 on consumption in real time and high definition in Aug-21
Card spending in August was 35% higher than in Aug-19 (28% in July). Transactions with Spanish cards gained momentum, especially non-face-to-face (139%), while those with foreign cards narrowed the gap with 2019 figures.
September 2, 2021
Spain | Job creation continued in August and the fall in unemployment surprised again.
Social Security affiliation and unemployment decreased in August (-118,000 and -82,600, respectively). Adjusted for negative seasonality, BBVA Research estimates that employment rose by 32,000 and unemployment fell by 104,000. The number of workers with limited activity is now below 500,000.
Those sectors of the Spanish economy most dependent on the movement of people have been among the most severely hit by the COVID-19 crisis — in particular domestic and foreign tourism.
The data we have up to the middle of the summer shows the Spanish economy is growing faster than was forecast a few months ago. The recovery in household expenditure—and in particular the increase in domestic tourism—has improved the outlook, with stronger revisions for the Mediterranean coast.
The improvement in health indicators and the relaxation of restrictions have reduced uncertainty and allowed a recovery in private spending and national tourism. The foregoing translates into generalized upward revisions in all regions in 2021, although with a different magnitude.