Economy

Economy

Latest Economy news and updates about Spain

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economy

Spanish Canning Industry Receives Significant Boost with €35 Million Aid Package

In a move aimed at enhancing the competitiveness of Spain's canning industry, 25 conserveras (canning companies) have been awarded a substantial aid package totaling €35 million. This initiative is part of a broader effort to support and modernize the sector, which is a significant contributor to the country's food industry.

Background and Context

The canning industry in Spain, particularly in regions like Galicia and the Cantabrian coast, has a long and rich history. These companies have been integral to the local economy, providing employment and contributing to the export of Spanish cuisine globally. However, the industry has faced various challenges, including increasing competition from international markets and the need for technological upgrades to remain competitive.

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economy

Catalonia Sees Renewed Business Optimism as Major Investments and Returns Mark New Era

In a significant boost to the Catalan economy, recent developments have signaled a promising reversal of the business exodus that had affected the region in recent years. Here are some key highlights that underscore Catalonia’s resurgence as a hub for business and innovation.

Sabadell’s Headquarters Return

One of the most notable events is the decision by banking giant Banco Sabadell to return its headquarters to Catalonia. This move is seen as a pivotal moment by Spanish business circles, as it is expected to entice back thousands of firms that had previously fled the region. The return of such a major financial institution is a strong indicator of Catalonia’s improving business environment and its attractiveness to large corporations.

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economy

Electricity Prices in Spain: What You Need to Know for 2025

As the new year unfolds, expats and residents in Spain are facing significant changes in electricity prices that are set to impact household budgets. Here’s a detailed look at what’s happening and how you can navigate these changes.

The Return of 21% IVA on Electricity

Starting January 1, 2025, the Spanish government has reinstated the 21% Value-Added Tax (IVA) on electricity bills, marking the end of the temporary reduction to 10% that was in place since 2021. This move is expected to result in substantial increases in electricity costs for all households[2][4].

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economy

Spain's Hotel Sector Sets New Records in 2024: A Year of Resilience and Growth

In a year marked by significant economic and tourism milestones, Spain's hotel sector has once again demonstrated its robust resilience and attractiveness to investors. Here are the key highlights from 2024 that underscore the sector's vitality.

Investment and Transactions

The hotel sector in Spain captured 30% of the total real estate investment in 2024, amounting to €3.35 billion. Although this figure represents a 18.29% decrease from the record €4.1 billion in 2023, it still reflects the sector's enduring appeal. Between 2017 and 2024, the hotel sector has accumulated over €25 billion in investment, solidifying its position as a major focus for investors[1].

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economy

Ghost Gas Stations of Santander: A Tale of Abandonment and Neglect

In the heart of Santander, a city known for its picturesque coastline and rich history, a different narrative is unfolding – one of abandonment and neglect. The once-thriving gas stations, now dubbed "gasolineras fantasma" or ghost gas stations, stand as a stark reminder of the city's changing landscape and economic challenges.

The Rise and Fall of Gas Stations

Santander, the capital of Cantabria, has seen a significant decline in the number of operational gas stations over the past few decades. What were once bustling hubs of activity, serving both locals and tourists, have gradually fallen into disuse. The reasons behind this decline are multifaceted, including rising operational costs, increased competition from larger chains, and a shift in consumer behavior.

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economy

PP Loses €452,000 in European Funds for Commerce in Santander

In a significant financial setback, the People's Party (PP) in Santander has lost approximately €452,000 in European funds that were earmarked for boosting commerce in the city. This development has sparked concern among local business owners and residents who were anticipating the economic benefits these funds would bring.

Background and Context

The European funds in question were part of a broader initiative to support economic development and revitalization in various regions across Spain. Santander, being a key urban center in the Cantabria region, was slated to receive these funds to enhance its commercial sector, including support for small and medium-sized enterprises (SMEs) and local market initiatives.

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