Far more Brits are choosing Spain over other EU countries as their holiday destination this year, reveal figures from Gfk Leisure Travel Monitor for the UK. Spain has always been a top choice destination for holidaymakers, especially for the Brits, but this summer the country is gearing up to welcome 270,000 more British travellers than it did last year.
In the second quarter of the year (Q2) Spanish GDP rose by 0.9%, announced the Bank of Spain last week. The Spanish economy is maintaining a steady growth pattern following a 0.8% rise recorded in Q1.
Bankia, Spain’s fourth largest bank, has agreed purchase Banco Mare Nostrum (BMN) in a 7.8 for 1 share swap deal, valuing BMN at €825 million, reports euronews.com. When the housing bubble burst in 2008 the number of lenders in Spain fell from 55 to only 13, leading to a five year economic slump. Both Bankia and BMN were nationalized following the economic crisis in a bailout worth €24 billion; the state owns around 66% of Bankia and 65% of BMN.
Despite the falling pound to euro exchange rate and the UK’s decision to leave the EU, exports from Spain to the UK reached a record high of €19 billion last year.
Unemployment levels in Spain just keep on falling and the running 12 monthly total reveals there is no sign of it slowing down. The number of people registered as unemployed across Spain fell by 3.1% in May, representing a drop of 111,908 to 3,461,128, according to figure released from Spain’s Ministry of Employment.
Now is a “good time” to purchase a property in Spain, agree 71% of Spaniards in a new report by bank real estate servicer Solvia and research company Kantar TNS. Kantar TNS developed an index to measure investor confidence in the Spanish property market. The index consists of a scale from zero (the most negative) to two hundred (the most optimistic).
Spain’s current account balance recorded a deficit of €0.2 billion in February, the best February result seen in decades. The figure was significantly better than in February 2016 when the deficit stood at €1.1 billion. In the 12 monthly run up to February, the current account balance reached an excess of €23.5 billion, a new record over the surplus €22.6 billion reached in January.
The average loan capital on new mortgages in Spain increased by 7.1% in February to €115,883, according to recent data published by the Central Statistics Unit The report confirms that although the property recovery is still ongoing the pace of the property recovery varies from region to region.
The Spanish unemployment figure fell by 129,281 in April, a decrease of 3.49% and the biggest single monthly drop ever reported, according to the Ministry of Employment. The total number of people out of work in Spain stands at 3,573,036, over 1.4 million less than four years ago. Over the past 12 months 438,000 people have found employment.
Spain’s consumer confidence index soared by seven points in April to 106.7 (on a scale of 0-200), according to a report by the national centre for sociological research (CIS). In December 2015 consumer confidence hit 107.4, the highest level ever seen. The new findings show that members of the public are finally confident in the strength of the Spanish economy, following a year of political uncertainty when consumer confidence fell.