The Government has approved a new package of support measures for the freight‑transport sector to help offset the rising cost of fuel.
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In May, the Consumer Price Index – or IPC – which measures the cost of living, saw a drop to two percent, marking three consecutive decreases.
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Spain’s Independent Authority for Fiscal Responsibility, AIReF, has raised its growth forecast for the economy this year to 2 percent, while maintaining its public deficit projection at 3 percent of GDP.
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Spain’s inflation rate increased by 0.8% in March and hit 3.2% year-on-year, fuelled by rising electricity and fuel costs.
The hike in taxing on electric bills early this month has spiked the Consumer Price Index, says the National Institute of Statistics, marking a return to over three percent after February’s dip.
Deputy Prime Minister and Minister of Finance, María Jesús Montero called the rebound “temporary”.
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Olive oil has become the second most stolen item in supermarkets, following alcohol, according to a new study by anti theft firm STC.
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The National Statistics Insitute – the INE – has issued a warning that the percentage of the population at risk of poverty or social exclusion has risen.
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Spanish farmers have taken to the streets in various regions, including Catalonia, Andalusia, and Extremadura, to protest against the European Union’s Common Agricultural Policy and high fuel and energy costs which, they claim, hinder their profitability. They’ve blocked roads, causing disruption to motorists, and planned a major demonstration in Madrid. The protests highlight concerns about the cost of production versus selling price, and criticisms of non-EU country produce, particularly from Morocco, regarding compliance with environmental and sanitary regulations. Amidst these protests, Spain faces a severe drought, affecting crops and pushing up olive oil prices, adding to the farmers’ grievances.
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Spain has reported a reduction in its public deficit, excluding local governments, to 27.6 billion euros up to November 2023, a 4.3% decrease compared to the same period in 2022. The public debt now represents 1.89% of the country’s GDP, falling short of the government’s deficit target of 3.9%. The Ministry of Finance released these figures on Wednesday, noting that the reduction is attributed to increased revenues from taxes and social contributions, which outpaced spending growth.
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Spanish public sector employees are set to receive an unexpected pay bump as the country’s economy outperforms expectations. Over three million government workers will benefit from a 0.5% salary increase, scheduled to take effect from 2023. The growth of the national GDP last year hitting two point five percent surpassed expectations, prompting an upcoming approval by the Council of Ministers.
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Inflation last month decreased to three point two percent, the first year-over-year decrease since July.
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The European Commission has granted Spain an extension on its budget until 2024.
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Nearly a quarter of the population live in households with expenses exceeding income according to a report from the Bank of Spain.
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