Economy

Economy

Latest Economy news and updates about Spain

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economy

Spain Introduces New Bank Tax: What Expats Need to Know

In a significant move to bolster the country's finances and address economic challenges, Spain has announced the implementation of a new tax on banks, a measure that is set to have far-reaching implications for the financial sector and potentially for consumers.

Background and Rationale

The Spanish government, led by Prime Minister Pedro Sánchez, has been navigating a complex economic landscape, including the aftermath of the COVID-19 pandemic and the ongoing global economic uncertainties. The new bank tax is part of a broader strategy to increase revenue and support public finances.

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economy

Valles Pasiegos Launches Initiative to Support Local Commerce Amid Challenging Times

In a proactive effort to bolster the local economy, the government and the municipality of Valles Pasiegos have announced the organization of a series of workshops and events aimed at supporting local commerce, which has been facing significant challenges.

Dates and Events

The initiative, scheduled to take place in the coming weeks, will include a range of activities designed to enhance the viability and visibility of local businesses. The exact dates for these events will be announced shortly, but they are expected to commence in late February and continue through March.

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economy

EU Fishing Industry Advocates for Stronger Protection of Artisanal Fishing

In a recent appeal, Gabriel Mato, a prominent figure in European fisheries policy, has urged for enhanced protection and support for artisanal fishing across all EU member states. This call comes at a critical time when the European fishing industry is facing numerous challenges, from overfishing by non-EU countries to stringent EU regulations.

The Context

Artisanal fishing, a traditional and often family-run sector, is a vital part of the maritime heritage and economy of many European coastal communities. However, this sector is increasingly under pressure due to various factors. The UK's departure from the EU has significantly altered the fisheries governance in the Northeast Atlantic, leading to disputes over fishing quotas and access to traditional fishing grounds[1].

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economy

Significant Wage Gaps Persist in Andalusia, Affecting Expats and Locals Alike

In the sun-kissed region of Andalusia, Spain, a stark contrast between luxury and livelihood has come to light, particularly in the affluent town of Marbella. Despite its reputation for opulence, with numerous luxury villas, sleek yachts, and high-end cars, Marbella is grappling with one of the lowest average salaries in the region.

Average Salaries in Marbella

In 2023, workers in Marbella earned an average gross annual salary of 18,197 euros, translating to a monthly salary of approximately 1,300 euros when divided into 14 payments. This figure places Marbella second to last among the 13 municipalities in Andalusia with over 100,000 inhabitants, just above Roquetas de Mar, which recorded an average annual salary of 16,797 euros[1].

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economy

Spanish Government's Debt Forgiveness Plan Sparks Controversy and Economic Debate

In a move that has sent ripples through Spain's political and economic landscape, the Spanish government, led by Prime Minister Pedro Sánchez, has unveiled a sweeping plan to forgive over €83 billion of debt accrued by the country's autonomous communities. This initiative, announced on February 26, 2025, aims to alleviate the financial burdens imposed on regional administrations, particularly those exacerbated during the financial crisis and the COVID-19 pandemic.

The Debt Forgiveness Plan

The plan involves the central government taking over a significant portion of the debt accumulated by the autonomous regions through the Regional Liquidity Fund (FLA), established in 2012 as an emergency measure. This fund allowed regions to obtain financing when they no longer had access to capital markets. The debt forgiveness is part of an agreement reached between the Socialist Party (PSOE) and the Republican Left of Catalonia (ERC) to secure ERC's support for Sánchez's government.

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economy

Spanish Multiservice Sector Sees Significant Growth in 2024

In a year marked by economic challenges and transformations, the Spanish multiservice sector has demonstrated remarkable resilience and growth. According to recent financial reports, the sector collectively invoiced an impressive €11.65 billion in 2024, highlighting a robust performance despite broader economic uncertainties.

Sector Overview and Key Players

The multiservice sector in Spain encompasses a diverse range of companies that offer a variety of services, including facility management, security, cleaning, and maintenance. Key players in this sector have been instrumental in driving this growth through innovative service offerings and strategic expansions.

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