Spain's economic scene is a dynamic mix of energy debates, rising construction, and intriguing legal battles. Let's dive into the latest headlines shaping the nation's financial landscape.
Iberdrola's Nuclear Vision
Iberdrola, a major player in the energy sector, is advocating for nuclear power. According to CEO Galán, nuclear energy is "absolutely necessary," and he's open to discussing the current schedule for phasing it out. This comes as Iberdrola reports impressive financial results, with earnings soaring to €5.612 billion last year—nearly a 17% increase—and a record €17 billion in investments.
Construction Surges, But Is It Enough?
The construction industry is experiencing a boom, with new housing permits reaching levels not seen in 16 years. Spain is approaching 128,000 permits for new construction in 2024. However, experts are cautious, suggesting that this volume might still be insufficient to meet the growing demand for housing.
Dining Out and Dividends
Amrest, the owner of popular restaurant chain La Tagliatella, reported record sales, with a 5% revenue increase and an 8% surge in the Spanish market. However, the company's profit took a significant hit, decreasing by 73% in 2024. Despite this dip in profitability, Amrest approved its first-ever dividend payout.
Pensioners See a Boost
Good news for retirees: the average retirement pension in Spain has surpassed €1,500 per month for the first time. While the overall average benefit across the entire social security system is lower (€1,307 per month) due to lower payments for widowhood, orphanhood, and permanent disability, this milestone signifies a positive trend for pensioners.
Inflation's Mixed Signals
The Consumer Price Index (CPI) experienced a rebound in February, rising to 3%. This increase was partly driven by a slight uptick in electricity costs. On the other hand, core inflation, which excludes volatile items like energy and food, fell to a three-year low of 2.1%, presenting a mixed picture of inflationary pressures in the Spanish economy.
Art World Intrigue
In a case that has captured public attention, a judge has concluded that the daughters of the late industrialist Muñoz Ramonet "illicitly retained" 658 works of art that were intended for the city of Barcelona. The magistrate has identified signs of criminal behavior and is bringing six family members to trial for allegedly appropriating the majority of his art collection.
From energy policies to real estate trends and legal battles over art, Spain's economic narrative continues to unfold with a blend of challenges and opportunities.