On 15 December, Moody's put Spain's Aa1 credit rating under review, amid concerns about the country's mounting debt and future funding needs. Moreover, the latest regional data reflects widening deficits throughout Spain's autonomous regions, adding to concerns about the central government's ability to control regional budgets. Despite the Moody's announcement, Spain's Treasury was able to place EUR 2.4 billion (USD 3.2 billion) of bonds on 16 December, of which 70% was bought by overseas investors. The Treasury intended to raise as much as EUR 3.0 billion (USD 4.0 billion) in its last 10-year bond sale of the year, less than the normal target, as Finance Minister Elena Salgado said the nation would reduce issuance amid increasing borrowing costs. In an attempt to convince investors that Spain will meet its refinancing needs next year without seeking a European bailout, the government presented a set of additional measures to narrow the fiscal deficit. These measures include the partial privatization of Spanish airport operator AENA (49%) and the National Lottery (30%) as well as ongoing reform of the pension system (lifting retirement age from 65 to 67 by YEAR). Labour unions threatened with yet another general strike in January if the government implements the pension reform.
Moody's puts Spain on notice
December 20, 2010
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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).