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Yahoo
12 hours ago
- Business
- Yahoo
Spain's economy grows 0.7% as it continues to outshine eurozone peers
The Spanish economy is continuing on a strong growth trajectory despite global trade uncertainties, with national output (GDP) growing by 0.7% quarter-on-quarter from April to June. GDP jumped by 2.8% year-on-year, according to data published on Tuesday by the National Statistics Institute (INE). In the previous quarter, yearly growth was also recorded at 2.8% and quarterly growth came in at 0.6%, allowing Spain to emerge as one of the fastest growing economies in the eurozone. While other major European economies are grappling with structural crises and the impact of geopolitical tensions, the Spanish economy is progressing solidly. Domestic demand has been key, contributing 0.9 percentage points to quarterly growth. Household spending continued to be the main driver, supported by an expanding labour market. In fact, the second quarter marked a new milestone, with more than 22 million people in employment, according to the Labour Force Survey (EPA). At the same time, the unemployment rate fell to 10.29%, its lowest level since 2008, although still well above the eurozone average. 'The Spanish economy was initially projected to follow a robust growth trajectory through 2025, with a slight moderation expected in 2026. Most forecasts anticipated annual GDP growth in the range of 2.2% to 2.6% for 2025,' said professor of macroeconomics Evi Pappa, at the Universidad Carlos III in Madrid. 'However, data from the first and second quarters of 2025 indicate that Spain is surpassing these expectations,' she added. Miguel Cardoso-Lecourtois, chief economist at BBVA Research, told Euronews that the 'engines of growth' in Spain are nonetheless changing as foreign tourism and government consumption slow. The latter is affected by political fragmentation, preventing the approval of a new budget, while domestic policies to tackle overtourism are slowing spending by non-Spanish residents. 'Growth is now more tilted towards domestic consumption and investment,' said Cardoso-Lecourtois. 'This is happening as inflation is coming down (energy prices), employment growth continues to be strong, wages continue to increase and interest rates go down. … Although government consumption is weak, public investment is relatively strong thanks to emergency funds aimed at helping flood victims in Valencia and NGEU funds.' It also appears that the Spanish economy will escape significant direct effects from the recent trade agreement between the United States and the European Union, which includes a new 15% tariff on many EU exports to the US. 'Given Spain's small share of trade with the US and strong domestic economy, it looks well placed to continue to outperform the euro area over the coming quarters,' said Ángel Talavera, head of Europe economics at Oxford Economics. Peter Vanden Houte, chief economist with ING, told Euronews that Tuesday's GDP figures mean Spain's 2.6% annual growth target is 'certainly achievable'. He added that interest rate cuts are also driving the construction industry in Spain, supporting growth. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Euronews
12 hours ago
- Business
- Euronews
Spain's economy grows 0.7% as it continues to outshine eurozone peers
The Spanish economy is continuing on a strong growth trajectory despite global trade uncertainties, with national output (GDP) growing by 0.7% quarter-on-quarter from April to June. GDP jumped by 2.8% year-on-year, according to data published on Tuesday by the National Statistics Institute (INE). In the previous quarter, yearly growth was also recorded at 2.8% and quarterly growth came in at 0.6%, allowing Spain to emerge as one of the fastest growing economies in the eurozone. While other major European economies are grappling with structural crises and the impact of geopolitical tensions, the Spanish economy is progressing solidly. Domestic demand has been key, contributing 0.9 percentage points to quarterly growth. Household spending continued to be the main driver, supported by an expanding labour market. In fact, the second quarter marked a new milestone, with more than 22 million people in employment, according to the Labour Force Survey (EPA). At the same time, the unemployment rate fell to 10.29%, its lowest level since 2008, although still well above the eurozone average. 'The Spanish economy was initially projected to follow a robust growth trajectory through 2025, with a slight moderation expected in 2026. Most forecasts anticipated annual GDP growth in the range of 2.2% to 2.6% for 2025,' said professor of macroeconomics Evi Pappa, at the Universidad Carlos III in Madrid. 'However, data from the first and second quarters of 2025 indicate that Spain is surpassing these expectations,' she added. Miguel Cardoso-Lecourtois, chief economist at BBVA Research, told Euronews that the 'engines of growth' in Spain are nonetheless changing as foreign tourism and government consumption slow. The latter is affected by political fragmentation, preventing the approval of a new budget, while domestic policies to tackle overtourism are slowing spending by non-Spanish residents. 'Growth is now more tilted towards domestic consumption and investment,' said Cardoso-Lecourtois. 'This is happening as inflation is coming down (energy prices), employment growth continues to be strong, wages continue to increase and interest rates go down. … Although government consumption is weak, public investment is relatively strong thanks to emergency funds aimed at helping flood victims in Valencia and NGEU funds.' It also appears that the Spanish economy will escape significant direct effects from the recent trade agreement between the United States and the European Union, which includes a new 15% tariff on many EU exports to the US. 'Given Spain's small share of trade with the US and strong domestic economy, it looks well placed to continue to outperform the euro area over the coming quarters,' said Ángel Talavera, head of Europe economics at Oxford Economics. Peter Vanden Houte, chief economist with ING, told Euronews that Tuesday's GDP figures mean Spain's 2.6% annual growth target is 'certainly achievable'. He added that interest rate cuts are also driving the construction industry in Spain, supporting growth.
Reuters
14 hours ago
- Business
- Reuters
Spain retail sales rise 6.2% year-on-year in June
July 29 (Reuters) - Spanish retail sales rose 6.2% in June from a year earlier on a calendar-adjusted basis and excluding the effects of inflation, after rising by a revised 5.0% in May, the National Statistics Institute (INE) said on Tuesday. May's figure was revised up from a preliminary increase of 4.8%, INE said.
Gulf Today
3 days ago
- Business
- Gulf Today
Spain's unemployment rate falls to lowest since 2008 to 10.29%
Spain's unemployment rate fell to 10.29 per cent in the second quarter of 2025 from 11.36 per cent in the preceding three months, data from the National Statistics Institute (INE) showed. The rate was at the lowest level since the first quarter of 2008, when it stood at 9.6 per cent, INE said. It also represents the lowest rate in a second quarter since 2007. Economists polled by Reuters had forecast that the rate would decline to 10.7 per cent. The April-June period tends to be the strongest quarter for employment in Spain, as the tourism sector usually sees high activity before the traditional summer slump hits other industries. After adding over 500,000 new jobs in the quarter, the country surpassed the milestone of 22 million formal workers for the first time. Labour Minister Yolanda Diaz told SER radio the data was very positive but called on employers to improve salaries, which she said were far below those of other European countries despite a high cost of living. Meanwhile Spain's trade deficit widened 42.46 per cent in the first five months of 2025 from the same period a year earlier, to 21.52 billion euros ($25.04 billion), the Economy ministry said on Friday. Imports over the period increased by 4.3 per cent to 184.91 billion euros, while exports rose 0.8 per cent to 163.38 billion euros, the ministry said. Spain's economy is a strong and developing one, characterized by its robust labour market, a growing focus on green energy, and increasing foreign investment. It is the 14th largest economy in the world by nominal GDP and the fifth largest in Europe. The country is a member of the European Union and the Eurozone, and it has a mixed capitalist economy with a strong service sector, particularly tourism, and a significant industrial base The Spanish government announced a €200 million ($232.03 million) financial package to bolster its investments in Mauritania, along with the launch of the digital platform 'Kantara' aimed at fostering direct connections between economic players in both countries. The announcement came following the conclusion of the first high-level session between Mauritania and Spain, which included the Mauritanian-Spanish Business Council, and was attended by Mohamed Ould Cheikh El Ghazouani, President of Mauritania, and Pedro Sánchez, Prime Minister of Spain. According to the Mauritanian Information Agency, the closing session featured pledges and investment commitments. In his remarks, Sanchez said the €200 million package will be channelled into loans for green projects, feasibility studies, risk mitigation instruments, and project implementation tools, particularly in the field of energy transition. He also announced that Spain will appoint its first economic and trade representative in Mauritania as of 1st September. President El Ghazouani emphasised that Mauritania offers a wide range of promising investment opportunities in key sectors such as fisheries, agriculture, livestock development, extractive industries, infrastructure - including roads, bridges, airports, and public buildings - as well as in services, gas, and mining. Earlier the Opec Fund for International Development (Opec Fund) and the Islamic Republic of Mauritania have signed a landmark Country Partnership Framework Agreement to cooperate on key development initiatives during the period 2025-2027, earmarking $120 million in new development financing focusing on the country's development priorities. The funding will finance critical projects that contribute to projects promoting renewable energy, clean water, food security, improved transport and clean cooking. In addition the Opec Fund is pledging to provide up to $500,000 in grants for capacity-building, project preparation and technical assistance. Opec Fund President Abdulhamid Alkhalifa said during a visit to the capital Nouakchott: 'We are proud to help improve the lives of people and communities for a more resilient future. Our commitment to Mauritania is focused on bolstering key sectors of the economy.' 'Technical assistance and strong project preparation are vital to mobilise additional development funding, enable public-private partnerships (PPPs) and attract private sector investment.' The Ministry of Economy and Tourism has signed two Memoranda of Understanding with the Spanish Patent and Trademark Office and the Moroccan Industrial and Commercial Property Office, aimed at strengthening cooperation in the development of intellectual property (IP) in the UAE in line with international best practices. The MoUs were signed in the presence of Abdullah Bin Touq Al Marri, Minister of Economy and Tourism, during the UAE delegation's participation in the Sixty-Sixth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organisation (WIPO) in Geneva. Agencies
The Guardian
20-07-2025
- Business
- The Guardian
The world's oldest president is running again: can anyone stop him from winning?
Opposite Treasure Hunter, one of four casinos on the same street in Douala, Cameroon's commercial capital, money changers and motorcycle taxi drivers such as André Ouandji mill around, calling out to potential clients. Ouandji has worked in the area for three years but has not entered the casinos. He prefers to frequent the sports betting shop in his local neighbourhood of Bonabéri. Cameroon has the second-best performing economy in central Africa, but despite this a third of the population live on $2 or less daily and, according to a 2023 survey by the country's National Statistics Institute, eight in 10 of the workforce are informally employed. Against this backdrop, gambling and betting have become increasingly popular. 'We stopped relying on the government for anything years ago,' said Ouandji, who is 27. Like many young Cameroonians, he is undecided about whether to vote in October's presidential election. In a country where the median age is 18 and average life expectancy is 63, the overwhelming favourite is the 92-year-old incumbent, Paul Biya, president since 1982. He formally declared his candidacy for another seven-year term on 13 July, brushing aside calls from inside and outside the country to step aside. 'Together, there are no challenges we cannot meet,' he wrote on X. 'The best is still to come.' Biya's decades-long rule has been accompanied by a decline in voter turnout. The abstention rate in the 1992 election – widely believed to have been stolen from the late opposition leader John Fru Ndi – was 19.6%. By 2018 it had hit 46.7%. Eighteen-year-old Serge (not his real name), a first-year geography student at the University of Douala, said prioritising his economic future in a country of high unemployment and rampant nepotism was more important to him than voting. 'My dream was to be a lawyer but you need connections for jobs, your father needs to be placed somewhere, so I settled for being a teacher which is easier,' he said. Supporters of the ruling Cameroon People's Democratic Movement (CPDM) point to the country's overall economic performance relative to its neighbours and say they prefer stability to the unknown. Some even believe Biya's mandate is divine. 'No authority can exist unless it comes from God,' said Antoine Nkoa, the author of the 51-page pamphlet 10 Good Reasons Why You Should Vote Paul Biya in 2025. Nkoa, who lives in the capital, Yaoundé, said he had never met the president but that he had an early morning vision of the world's oldest president winning again. Such a vision represents a nightmare scenario for Barthélemy Yaouda Hourgo, the Catholic bishop of Yagoua in the country's Far North region. 'Enough is enough,' he said in January while urging Biya, the son of a catechist, to call it quits. Christopher Nkong, the secretary general of the leading opposition party, Cameroon Renaissance Movement (MRC), said in an interview that Biya had 'outlived his usefulness'. 'We say, 'Papa you have done your best. Can you not leave for another Cameroonian to take over?'' Biya's critics say his supporters are out of touch with reality. Endemic corruption and a cost of living crisis have been exacerbated by concurrent conflicts with armed anglophone separatists in the west sending thousands into neighbouring Nigeria, jihadists in the Far North region and criminal kidnapping gangs in the so-called triangle of death near the borders with Chad and Central African Republic. Experts say the crises could make voting in some areas harder, which would favour Biya. The election takes place a few days after separatists mark the independence of the breakaway state of Ambazonia. At least seven people including a priest were killed by security officials during the 2018 election weekend in Buea and Bamenda, the main cities in anglophone Cameroon. In a twist to proceedings, two of Biya's longtime allies – the influential ministers Bello Bouba Maigari and Issa Tchiroma – resigned from the cabinet within days of each other in June and declared their intention to run against him. 'We are in misery,' Tchiroma said from his home town of Garoua in the north, a hunting ground for the jihadists of Boko Haram. The same month, Léon Onana, a municipal councillor, filed a lawsuit to compel CPDM to organise its first national congress since 2011 on the grounds that 'we cannot remain in a party where everything revolves around a single individual'. Sign up to The Long Wave Nesrine Malik and Jason Okundaye deliver your weekly dose of Black life and culture from around the world after newsletter promotion MRC hopes to rally the undecided and uninterested to vote in large numbers for its candidate, the former justice minister Maurice Kamto. 'Everybody is feeling the pinch of mismanagement, embezzlement, non-development, low standards of living, and poverty brought by the regime [which] knows that it is unpopular,' said Nkong. But, he added, 'to uproot a dictator is not a day's job'. Despite efforts by civil society groups to mobilise people to register to vote, and moves by multiple opposition parties to coalesce into a coalition, some say the field has already been rigged in favour of Biya. The country's electoral commission, Elections Cameroon, for example, comprises several former ruling party members and is not seen as impartial. The commission is supervised by the all-powerful minister of territorial administration, Paul Atanga Nji, a self-described 'Biyaiste' nicknamed Moulinex National after the French kitchen blender for his threats to Biya's opponents. Among his critics, Biya is seen as a master of divide and rule. For years, CPDM has been accused of sponsoring political parties to cause confusion within opposition ranks and armed separatist factions to stir chaos. A law forbidding parties from campaigning until a month before the election often does not seem to apply to CPDM. The government was approached for comment. Shortly after Kamto held a mass rally with the diaspora in Paris at the end of May, he was put under house arrest. Some of his supporters were also locked up in police cells for two days. 'The police, gendarme and military came,' a witness who wished to remain anonymous said. Kah Walla, the leader of the left-leaning Cameroon People's party, has similar stories of harassment. 'In the last year, my office here has been surrounded by police tanks and water cannons,' she said. 'If I cannot hold a normal political meeting, then for sure I cannot be a candidate in the election … it's an aberration to even call these things elections.' Her party is boycotting the elections, as it did in 2018, demanding serious reforms instead. 'I always tell Cameroonians, if we are asked to go to a football tournament, say in Nigeria, and the referees are Nigerian, the people allowing people into the stadium are Nigerian, and the stadium is on a hill with Nigeria at the top and the other teams are at the bottom, Cameroonians will say bring the team back home.' In some circles there is hopeful talk on social media of a 'post-Biya era'. MRC has urged young people to copy its Senegalese counterparts, who stayed at polling stations during vote-tallying last year to 'protect their votes' and helped unseat the ruling party. Some experts say another post-election scenario may be a repeat of events in Gabon, where the re-election of Ali Bongo in August 2023 triggered unrest and a coup. There is the sense that many Cameroonians will be comfortable with either scenario. 'There will be no error in 2025,' Nkong said. 'CPDM's time has ended.'
