Spain Finance & Business - Friday July 27 2007

Spain Finance & Business - Friday July 27 2007
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By h.b. - Jul 27, 2007 - 2:08 PM

Archive Photo EFE

The Government ups its forecast for the growth of the Spanish Economy

The Government has revised upwards it’s forecast for the growth of the Spanish economy. It now expects the year to end four points higher at 3.8%. However the forecast for next year remains unchanged at 3.3%.
They have also upped the creation of employment expected over the year, two points, to 2.8%.
The growth comes despite a slowdown in the construction sector of more than 2 percent from 2006. It expects internal demand to increase by 4.3% over the year and to see a more balanced growth across the different areas of the economy.

The Telecommunications Market Commission has ordered that land line rental costs paid to Telefónica be frozen in 2009. It’s the first time that the regular quota has been controlled and comes as Spain has seen an actual fall in landline numbers for the first time.
The CMT has, it seems, noted that the average income per line has increased overall.

The latest data for unemployment shows a fall of 5.1% in the second quarter of the year, compared to last, with the unemployment rate now below 8% for the first time since 1978.
In June there were 1,760,000 people out of work, 96,100 less than in the previous quarter. Temporary work contracts continue to represent 31% of the total, according to the numbers from the EPA, the Survey of the Active Population.

Santander has sold some of its Latin American pension funds to the ING bank for some 950 million €. In the deal so far are Mexican, Chilean, Columbian and Uruguayan funds, and talks are continuing on some of the Argentinean portfolio.
Bank chief Alfredo Sáenz, said the sell off had nothing to do with the bank’s take over bid for ABN Amro.

The Energy sector of the Acciona company has consolidated itself as the second most important for the factory, now showing 14.4% of the income for the group. The Acciona profits to June have doubled thanks to their ownership of Endesa.

And finally,
Those affected by the major power cut in Barcelona earlier this week will start to receive their compensation payments today. Prime Minister Zapatero has said he will make all his effort to ensure that those affected are properly paid. The deputy Mayor in the city, Imma Mayol, said that payments would be ‘far above’ the basic legal entitlement awarded for smaller incidents, but the Town Hall had still not fixed the exact amount for each circumstance.

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