On 20 November, Mariano Rajoy's conservative People's Party (PP) celebrated a landslide victory in the general election, winning 186 of the total 350 seats, the biggest parliamentary majority in almost 30 years. The ousted Socialist Party (PSOE) secured only 110 seats, which was well below the 169 seats won in the 2008 elections. The new government faces the challenge of cutting the fiscal deficit without further boosting unemployment, which is already the highest in the Euro area. The fiscal deficit is likely to exceed this year's target of 6.0% of GDP and will have to be cut further to 4.4% of GDP in 2012. In his acceptance speech, Rajoy advised Spaniards to ?brace for hard times?, but avoided giving any details of how he will slash the budget deficit. Markets have already put pressure on the newly elected president to unveil budget plans. On 28 November, Spain's 10-year bond yield rose to 6.5-%, which pushed the gap between Spanish and German borrowing costs to 46- basis points.
Conservative People's Party (PP) wins landslide election
November 20, 2011
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Spain Economic News
October 7, 2016
In August, industrial production expanded 4.0% from the same month last year in working-day adjusted terms.
October 5, 2016
The Markit Purchasing Managers’ Index (PMI) Composite Output Index came in at 54.1 in September, which was slightly below August’s 54.8 reading.
September 30, 2016
Spain’s current account balance incurred a surplus of EUR 3.0 billion in July, which was above the EUR 2.7 billion surplus recorded in the same month of last year and marked the highest reading since December 2014.
September 29, 2016
In August, retail sales rose 4.9% over the same month last year as the discount season drew to an end.
September 29, 2016
In July, the Spanish Board of Architects (Colegio de Arquitectos Técnicos) granted 6,267 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento).