Economy

Economy

Latest Economy news and updates about Spain

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economy

Spain Resets VAT on Staple Foods as Economic Measures Evolve

As the year 2024 comes to a close, Spain is implementing several significant economic measures that will impact the daily lives of its residents, including expats. One of the key changes involves the Value Added Tax (VAT) rates on staple foods, a move that follows a period of economic adjustment and inflation management.

VAT Rates on Staple Foods

From January 1, 2025, the VAT rates on various staple foods will return to their pre-crisis levels. Throughout 2024, the Spanish government had reduced the VAT on essential items such as bread, eggs, vegetables, and fruit to 2% as part of its efforts to mitigate the effects of inflation. However, with the moderation in prices, these rates will now revert. For instance, the VAT on staple foods like bread, milk, and olive oil will increase to the super-reduced rate of 4%, while pasta and seed oils will be taxed at the reduced rate of 10%[1].

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economy

Spanish Stock Market Closes 2024 on a High Note Despite Global Uncertainty

As the year 2024 comes to a close, the Spanish stock market, particularly the IBEX 35 index, has achieved a remarkable performance, defying the backdrop of global uncertainties. Here’s a detailed look at the key highlights and performers of the year.

Impressive Growth of the IBEX 35

The IBEX 35, which tracks the 35 largest and most liquid Spanish stocks, has risen by approximately 15.24% over the course of 2024. This growth is a continuation of its strong performance in 2023, when it led the rise of EU stock markets with a 23% increase. The index has now recorded five consecutive semesters of growth since June 2022, marking a total revaluation of 44% and an annual cumulative rate of 17%[1].

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economy

Spanish Tax Authority Initiates Refund Process for 2023 Tax Returns

In a significant development for taxpayers in Spain, the Spanish Tax Authority (Agencia Tributaria) has begun the process of refunding taxes for the 2023 financial year. This initiative is particularly relevant for expats residing in Spain, as it outlines the key dates and procedures for receiving refunds.

Key Dates and Procedures

The refund process is part of the broader campaign for the 2023 Income and Assets Tax returns, which is scheduled to run from April 3 to July 1, 2024. Here are the crucial dates to keep in mind:

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economy

New Initiative to Boost Local Economy in Comillas, Cantabria

In a significant move to support the local economy, the town of Comillas in Cantabria, Spain, is launching an innovative campaign aimed at encouraging local spending and community engagement. The initiative, set to commence on January 15, 2025, involves the distribution of 800 vouchers or 'bonos' to residents and visitors.

Campaign Details

The campaign, titled "Comillas Vale," is designed to stimulate economic activity within the local businesses of Comillas. Each of the 800 vouchers will have a value that can be redeemed at participating local shops, restaurants, and service providers. This strategy is expected to not only boost sales for local businesses but also foster a sense of community and loyalty among residents.

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economy

Telpark Sets Up Shop in Santander, Bringing New Economic and Job Opportunities

In a significant development for the economic landscape of Santander, the capital city of the Cantabria region in northern Spain, Telpark, a leading company in the parking and urban mobility sector, has announced its arrival in the city.

A New Era for Urban Mobility

Telpark, known for its innovative solutions in parking management and urban mobility, is set to bring its expertise to Santander. The company's decision to establish a presence in the city is expected to enhance the urban infrastructure and improve the overall quality of life for residents and visitors alike.

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economy

Torrelavega Emerges as a Key Hub for Commerce and Industry in Cantabria

In a recent address, Gomez Diego, a prominent figure in Cantabrian economic development, emphasized that Torrelavega has solidified its position as a pivotal reference point for commerce and industry in the region of Cantabria, Spain.

Economic Significance

Torrelavega, located in the heart of Cantabria, has long been recognized for its economic prowess, driven largely by its rich natural resources and strategic geographical position. The city is part of the Cantabrian Mountains region, an area known for its significant iron and coal deposits, as well as its potential for hydroelectric power generation. These resources have been instrumental in fueling the local economy and supporting industrial activities[1].

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